Image Credits: Anindito Mukherjee / Bloomberg / Getty Images

India’s fast-growing co-branded bank card market could quickly see a brand new entrant: the nation’s most useful agency.

Reliance is working with the state-backed lender SBI to launch two co-branded bank cards on the homegrown Rupay community, in line with paperwork reviewed by TechCrunch.

The playing cards, referred to as Reliance SBI Card, will supply some “exclusive” advantages, equivalent to vouchers of Reliance Retail, the conglomerate’s retail chain, and reductions on spendings at Reliance Trends, Ajio, JioMart, Urban Ladder and different Reliance properties, in line with the paperwork.

SBI briefly confirmed the existence of the playing cards on an internet web page that it has since taken down.

Reliance’s curiosity within the bank card enterprise comes at a time when its monetary providers spin-off agency, JFS, has launched lending and insurance businesses. In its annual report earlier this month, Jio Financial Services stated it plans to launch debit playing cards.

The monetary providers is the latest sector for Mukesh Ambani, who has entered a number of companies — together with telecom — previously decade and scaled them to tentpole positions. Reliance additionally operates the nation’s largest retail chain, which has been valued at $100 billion in current fund raises from buyers, together with KKR, and the highest telecom operator in India.