Sbi Cards Is 3rd Largest Card Issuer

SBI Cards has become the largest issuer of Visa cards in the country. The bank has issued 9,00,000 cards and it is the fastest growing credit card in the country.

SBI Card has now become the third largest credit card issuer in the country after Citibank and Standard Chartered in a span of 38 months. The card was launched in November 1999. "We have reached beyond the metros into second tier towns and cities," said SBI Cards and Payment Services, chief executive Iqbal Singh.

SBI Cards had also launched cards which were targeted at niche categories -- SBI Cards for doctors and SBI Card against public providend fund (PPF) account. The doctors card is an internationally valid credit card and provides a doctor's liability insurance of Rs 4 lakh. The SBI card against PPF account allows anyone holding a PPF account with SBI or any of its associate banks to apply for an SBI Card without any documentation.

 

SBI Cards is a joint venture between the State Bank of India and GE Capital. They have set up two joint ventures -- SBI Cards and Payment Services Ltd which focuses on the marketing and distribution of SBI Cards and GE Capital Business Process Management Services Ltd which handles the technology and processing needs for SBI Cards.