Punjab National Bank (PNB) is preparing to make a big bet on its credit card business in the coming months. The bank believes that its new IT infrastructure will be ready by November-December, after which the credit card business will start more strongly.
Read Here- Yamaha Aerox 155: A premium scooter with style, power and modern features
The bank’s goal is to have a strong hold in the credit card market
PNB Managing Director Ashok Chandra said that the bank’s credit card presence is limited right now, while its features are no less than those of any big bank. A special general manager has been given the responsibility for this.
Major improvement in digital banking services
According to a Business Standard report, PNB is also improving its digital services. Internet banking and mobile banking will be further improved. PNB One mobile app for retail and current account holders will be launched in a new version by the end of September. Artificial intelligence-based features will be added to it so that the customer experience can be simpler.
What is a credit card, and how does it work
A credit card is a plastic card that looks like a debit card. The difference is that you spend money from your account with a debit card, while money borrowed from a bank is spent with a credit card. Its bill has to be paid every month, and interest and penalty are charged in case of delay.
Read Here- Yamaha MT-03: A streetfighter bike with stylish design and powerful performance
Excessive use can increase financial burden
The credit card limit is often high. According to experts, it should not be used more than 30 percent. If more is spent, it may be difficult to pay the bill. If the payment is not made on time, interest and penalty are added and increasing the financial burden further.