Standard Chartered Bank and SBI Card are in the race to acquire Barclays’ India credit cards business, Reuters reports. Final offers for the credit cards business are likely by early next month and the transaction may close in a month.

Barclays has approximately 200,000 card holders in India and the book value of the business is about $42 million. The U.K. bank put its India cards unit up for sale earlier in 2011 as part of a restructuring of its business in the country.

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