SBI to distribute credit cards from bank branches | Latest News India - Hindustan Times
close_game
close_game

SBI to distribute credit cards from bank branches

PTI | By, New Delhi
Apr 13, 2008 12:54 PM IST

To take on competition from private and foreign banks head on, SBI Card is firming up plans to distribute credit cards from the State Bank of India's branches from June.

To take on competition from private and foreign banks head on, SBI Card is firming up plans to distribute credit cards from the State Bank of India's branches from June.

HT Image
HT Image

"We are working closely with State Bank of India to leverage the branch channel for increasing the company's reach and expand customer base substantially," SBI Card Chief Marketing Officer Nirupam Sahay told PTI.

Hindustan Times - your fastest source for breaking news! Read now.

The company is a joint venture between between State Bank of India and GE Money.

Currently, the company is operating from its own outlets and the tie up would offer huge business growth potential for the company, he said.

A host of SBI branches are being identified for issuance of credit cards and the initiative would be operational by June, he said.

The company is also planning to launch new products specifically for the SBI Branch channel.

Besides, offering all existing products, SBI Card would also design specialised products for the bank customers, he said.

The country's largest public sector lender SBI with over 1 crore customer base has 10,000 branches across the nation.
The company, which is into the plastic money business since 1998 has a customer base of 3.3 million customers and has a market share of about 12 per cent as on January 2008.

As per the latest Reserve Bank report there are about 26.6 million credit card customers in the country.

For the nine month ended December 2007, the company's net non-performing asset stood at 2.92 per cent, while loss during the period was to the tune of Rs 123 crore.

During the same period, its top line rose by Rs 134 crore over the nine months of previous year, up 21 per cent.

Unveiling Elections 2024: The Big Picture', a fresh segment in HT's talk show 'The Interview with Kumkum Chadha', where leaders across the political spectrum discuss the upcoming general elections. Watch now!

Get Current Updates on India News, Election 2024, Arvind Kejriwal Arrest Live Updates, Bihar Board 12th Result Live along with Latest News and Top Headlines from India and around the world.
SHARE THIS ARTICLE ON
Share this article
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Thursday, March 28, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On