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Peerless General Finance and Investment Co. Ltd., an insurance and investment firm based in India, has teamed with India-based ICICI Bank to launch a cobranded credit card in the latest venture into India's card market by a business that is not a financial institution. The Peerless Smart Money division issues the card, according to press reports, though neither the company nor bank responded to requests for comment. ICICI issues credit cards that carry the American Express, MasterCard and Visa brands, though it was unclear what brand the new card would carry. The card is expected to carry loyalty applications tied to other Peerless ventures, including hotels. The launch reflects the potential of the Indian credit card market, an analyst tells CardLine Global. "The country has realized the importance and growth of the credit card market," says Prathima Rajan, an India-based analyst with United States-based Celent LLC. "This impressive growth is attracting all banking and nonbanking finance companies."
