LIC mulls credit card foray; in talks with global biggies

India's credit card market is set for the entry of a giant. The country's biggest life insurance company, LIC is set to forge an alliance with one of the world's biggest financial services company to launch credit cards

Sources said that insurance company LIC is in talks for a joint venture, or JV, with GE to launch credit card. Stanchart, DBS and Barclays are also in the race, the sources added.

LIC has over 20 crore customers across the country. The insurance company is targeting two crore credit card holders for its new business.