Bank of Maharashtra exits credit card business

Bank of Maharashtra has announced its exit from the credit card business, citing a strategic decision. The bank will be closing its existing credit cards and offering holders a co-branded card with SBI Card instead. The transition will be harsher for those mid-EMI, as all running EMIs will be foreclosed without penalty, and the total outstanding will become payable. However, BoM will waive every foreclosure charge. Our take: this move is unlikely to affect our verdicts on existing cards, as we do not carry any Bank of Maharashtra cards. The event is logged due to its rarity, with an Indian bank leaving card issuance outright. Cardholders affected by this change should review their options and consider the terms of the co-branded card being offered.