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Co-branded credit card from Paytm and Citi has been discontinued

Published on January 24, 2023
Current Context: In advance of Citibank's commercial banking division merging with Axis Bank, Paytm (One97 Communication Ltd) and Citibank have ceased their collaboration on a co-branded credit card known as the Paytm CITI Card.
Co-branded credit card from Paytm and Citi has been discontinued
  • Customers were advised that the Paytm CITI Card would be discontinued and that other cards would be available.
  • The Paytm HDFC Bank credit card will continue to provide rewards to cardholders.
  • Customers will be presented with the Citi Rewards Credit Card as an alternative to their Citi Paytm Credit Card, with the option to accept the replacement card.
  • The agreement to switch to a different credit card bearing the Citi name also constitutes approval to transfer the cardholder's banking account from Citibank to Axis Bank.
  • If you disagree, the Citi Paytm credit card will be discontinued as of January 30 since Citi India won't be able to continue operating on the platform.
  • Background:-
    • Axis Bank stated in March 2022 that it would buy Citigroup's retail banking operations in India for Rs. 12,325 crores, pending the necessary clearances.
    • Axis Bank will now have about 2.85 crore savings accounts, over 2.3 lakh Burgundy customers, and 1.06 crore cards after acquiring about 30 lakh distinct Citibank customers. This increased Axis Bank's credit card customer base by 31% with 25 lakh additional cards, placing it among the top 3 players in the Indian market.

Question:

Q.1 Which two companies have ended their partnership for a co-branded credit card ahead of the merger of Citibank's commercial banking business with Axis Bank?
a. Citibank and Paytm (One97 Communication Ltd)

b. Axis Bank and Paytm (One97 Communication Ltd)
c. Citibank and HDFC Bank
d. Axis Bank and ICICI Bank
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