SBI Card surpasses milestone of 20 million credit cards in circulation

SBI Card on Friday announced that the number of its credit cards in circulation has surpassed 20 million.

 

According to a press release by SBI Card, it achieved the milestone of 20 million credit cards in force, having started its credit card business in 1998.

 

“SBI Card has witnessed strong growth of around 25 per cent CAGR in cards in force and 26 per cent CAGR in spends between FY19 and FY24,” the release added.

 

SBI Card is the second-largest card issuer in the country, after private sector lender HDFC Bank. Earlier in January 2024, HDFC Bank had achieved the milestone of 20 million cards in force.

 

As per latest data released by Reserve Bank of India (RBI) for October, SBI Card's in circulation stood at nearly 19.8 million as compared to 19.58 million cards in September 2024. Meanwhile, HDFC Bank had 22.64 million cards in circulation in October. The total number of outstanding credit cards in the system increased 12.85 per cent Year-on-Year (YoY) to 106.88 million led by HDFC Bank which added 241,119 cards followed by SBI Cards with 220,265 card additions.

 

Abhijit Chakravorty, MD & CEO, SBI Card, said: "The SBI Card brand is based on the value proposition of 'Make Life Simple'. Crossing the 2 crore cards in force milestone is a testament to the trust and confidence that our customers place in us. It reflects our relentless focus on innovation, superior customer service, and our vision of empowering every Indian with convenient, secure, and rewarding payment solutions. We remain committed to delivering unmatched value to our growing customer base as we continue to address their evolving needs.”