NEW DELHI : SBI Cards & Payment Services has began sending out textual content messages to its Fashion at Big Bazaar (FBB) co-branded bank card customers that they could not have the ability to redeem FBB vouchers because of the “unforeseen closure of Future Group stores”.
The improvement comes within the wake of a Rs 5,322-crore default by the retailer, which missed the due date for compensation to lenders because of this of the continuing authorized battle with US e-tailer Amazon, amongst different points.
SBI Cards operates as a three way partnership between non-public fairness agency Carlyle and the State Bank of India (SBI), which is one of the most important lenders to the money-strapped Kishore Biyani-led retailer.In addition, Big Bazaar father or mother Future Retail (FRL) misplaced round 900 shops in February to Reliance Industries, which had earlier sub-leased these to the retailer. Reliance had moved in to take management of the premises, together with issuing provide letters to FRL staff, after the latter did not pay up accumulating leases.
TOI was the primary to report about the event in its February 26 version. A FRL spokesperson didn’t remark for this story, whereas a questionnaire emailed to SBI didn’t elicit a response by the point of this version going to print.
Sources, nevertheless, stated SBI Card has been making an attempt to maneuver its FBB co-branded card customers to different playing cards for a while now. “They may exit the co-branding initiative altogether now,” stated an individual accustomed to the event. Last yr, FRL, which operates varied retail codecs throughout India, together with Big Bazaar, Koryo, Foodhall and Easyday, had entered right into a one-time restructuring (OTR) scheme for corporations impacted by the pandemic, with a consortium of banks and was underneath obligation to boost Rs three,900 crore earlier than March 31, 2022 by method of fairness contribution. It is presently entangled in a protracted-drawn authorized battle with Amazon.
