India's Life Insurance Corp. reportedly has dropped its proposed credit card joint venture with GE Money. Neither company would give immediate comment to CardLine Global about the report, which appeared in the India-based Business Standard newspaper. The news outlet reported that Life Insurance decided to quit the venture after GE faced problems with another joint venture, SBI Cards. In May, the State Bank of India and GE decided to split SBI Cards into two ventures. SBI recently reported its first annual loss. The troubles with SBI Cards are "definitely the main reason for the lapse ... between [Life Insurance Corp.] and GE," Prathima Rajan, an India-based analyst with Celent LLC, tells CardLine Global. She anticipates that Life Insurance Corp. either will form a card venture with another company or enter the market on its own.
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