Life Insurance Corporation of India (LIC) defers its credit card launch to March end, just before fiscal end.

Earlier the company had scheduled its launch for January but now it will do it towards the end of March, said a senior official of LIC. "We plan to launch our credit card before the end of this fiscal," said a representative from LIC.

The launch was deferred due to "some technical reasons," added the representative.

LIC has decided to start a white labelled/co-branded credit card in the market. The company will partner with Corporation Bank to commence its credit cards foray. The bank is going the card issuer on behalf of LIC.

LIC has asked Corporation Bank to resolve all the problems before the launch in order to have a smooth functioning once the cards are rolled out.

On the other hand an official from Corporation Bank confirmed that they have sorted out all technical issues and the card is all set for the launch.

Corporation Bank's General Manager (New Initiatives), B R Bhat, said, "The launch was delayed since the card is a white- label credit card which requires some formalities (to be completed). But now we are ready and awaiting the launch date."

"In any case, we will launch the credit card in this financial year itself," said Bhat.

Initially LIC had planned to partner with GE Money to start its credit card but following the failure of the plans, it joined with Corporation Bank.

Canara Bank was also amongst one the options with which the company was planning to tie-up for the purpose.