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SBI Card to double number of issued cards

SBI Card, the joint venture between State Bank of India and GE Capital, is aiming to double its credit card acquisition and improve its market share in the next two years. CEO of SBI Card Vijay Jasuja said the card company has worked out a strategy for doubling its credit card customers on an incremental basis month-on-month, by tapping the bank’s own customer base. It now has a card base of 50 lakh and is the second largest issuer of credit cards after HDFC Bank. In terms of spend too, the company currently holds the second place with an average spend of Rs 5500 crore a month. The company’s card sales increased 26% year-on-year to 45.6 lakh as on 31 March 31. Jasuja said SBI Card has entered into a tripartite agreement with SBI and CIBIL to offer pre-approved cards to eligible customers. The eligibility will be based on parameters including the quantum of deposits, loans or investments in various instruments such as mutual fund.

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