Novio and Indian Overseas Bank launch RuPay co-branded credit cards
The partners will offer RuPay Select and Platinum cards with digital onboarding and FD-backed options, targeting UPI-active and first-time credit users. Novio aims to issue 50 lakh cards over three years, including in tier-V cities.
What happened
novio · Novio and Indian Overseas Bank launched a co-branded RuPay credit card with digital onboarding and FD-backed facilities, targeting UPI-active and
Key facts
- ₹100 crore Series A funding
- 50 lakh credit cards planned
- 3 years
- 2 card variants: RuPay Select and RuPay Platinum
What changed
Novio and Indian Overseas Bank launched a co-branded RuPay credit card with digital onboarding and FD-backed facilities, targeting UPI-active and first-time credit users. Novio plans to issue 50 lakh cards over three years, including in tier-V cities.
Why this matters
Novio and Indian Overseas Bank are using RuPay, UPI-led onboarding and FD-backed cards to acquire first-time and underserved credit users at scale, including deep-tier markets.
What to watch
- Quarterly disclosed cards issued, activated cards, monthly active cards and average spend per active card.
- Share of cards that are FD-backed versus unsecured, plus average credit limit and deposit collateral levels.
- Early delinquency metrics: 30+ DPD, 90+ DPD, net credit cost, write-offs and collection recovery rates for first-time-credit cohorts.
- Evidence of RuPay credit card-on-UPI acceptance growth, merchant availability and transaction frequency.
- IOB capital, provisioning and risk-policy commentary related to the co-branded portfolio.