The company has also seen a “significant increase” in card spend, which has grown to Rs 5,500 crore plus from an average of Rs 3,500 crore a month, over last one year, the SBI Cards and Payment Services Private Ltd (SBI Card) said in a statement.
According to Vijay Jasuja, CEO, SBI Card, the company has “risen from fourth position in the industry to become the second-largest player, both in terms of customer base and card spends.”
“We have consistently maintained year on year growth of over 40 per cent on card spends, outpacing the industry growth by a substantial margin.”
The company, Jasuja said, expects to sustain the momentum with 30 per cent plus growth over the coming year.
The company has expanded its co-brand portfolio over the last year with the launch of products such as Chennai Metro SBI Card, Tata Star Card and Central SBI Select Cards,
“The company has also expanded its cashback programmes to become the largest in the industry, across the widest spread of partners in different regions,” the statement added.
It maybe noted that SBI Card was launched in October 1998 by State Bank of India and GE Capital.