SBI Card Surpasses 2 Crore Cards Milestone – Do you Own it?
In the recent quarterly update, both the FIIs and DIIs have increased their stake in the company.
SBI Cards And Payment Services Ltd, India’s largest pure-play credit card issuer, has reached a significant milestone by crossing 2 crore cards in force. This achievement underscores its pivotal role in reshaping India’s credit card landscape and its commitment to delivering innovative, customer-centric solutions under its promise of being the "Currency of Digital India."
Since its inception in 1998, SBI Cards has consistently set benchmarks in the industry, offering a wide range of credit cards tailored to diverse needs. Its portfolio includes premium options like the exclusive AURUM and SBI Card Elite, as well as feature-rich cards such as CASHBACK SBI Card, SimplyCLICK SBI Card, and SBI Card PULSE. Co-branded offerings like the KrisFlyer SBI Card, IRCTC SBI Card, and Titan SBI Card cater to specific lifestyle and travel preferences.
With a robust customer acquisition network spanning India, SBI Card has achieved an impressive compound annual growth rate (CAGR) of 25% in cards in force and 26% in spends between FY19 and FY24. The company has also leveraged technology to enhance digital onboarding, security, and rewards programs, making it a trusted payment solution for millions.
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Commenting on the achievement, Abhijit Chakravorty, MD&CEO, SBI Card, said: "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."
Today, the shares of SBI Cards And Payment Services Ltd closed the day at around Rs 717.55 per shares on the BSE. The current market capitalization stands at Rs 68,263.83 crore. The company’s shares have delivered a negative YTD of around 6 per cent.
In the recent quarterly update, both the FIIs and DIIs have increased their stake in the company.
Disclaimer: The article is for informational purposes only and not investment advice.