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State Bank Of India
BSE: 500112 | NSE: SBIN
Large Cap | Bank - Public
1017.15
-60.40 (-5.61%) SBI’s JV to launch credit card with cap of Rs 25,000
Date: 12-12-2016In order to tap opportunities arising out of limited cash supply, SBI Cards & Payments Services, a joint venture (JV) between the State Bank of India (SBI) and GE Capital is planning to launch a credit card soon with a cap of Rs 25,000 for those at the lower strata of the society, who have the capacity to pay but don't have cards.
The problem is not that these people don't have money to spend, but they don't have cards to use. Moreover, SBI Cards will also offer them secured cards in about two-three months.
After government’s decision to ban old banknotes of Rs 500 and Rs 1,000, SBI Cards has been witnessing a surge in card usage and expects to add 20-25 per cent more customers.