SBI Card Surpasses 20 Million Credit Cards Milestone

SBI Card has reached a significant milestone by surpassing 20 million credit cards in circulation, a testament to its growth since entering the credit card market in 1998. This achievement comes after a consistent rise in its card numbers and customer spending, with the company maintaining an impressive CAGR of 25% in cards issued and 26% in spends from FY19 to FY24. The milestone reinforces SBI Card’s position as the second-largest card issuer in India, following HDFC Bank, which also reached the 20 million milestone in January 2024.

Strong Growth and Market Position

SBI Card’s steady growth trajectory is underscored by its 25% CAGR in cards issued and 26% CAGR in spends over the last five years. It continues to expand its market share, with a significant presence in both urban and rural India. The latest data from the Reserve Bank of India (RBI) confirms SBI Card’s dominance, with its cards increasing to nearly 19.8 million by October 2024, a rise from 19.58 million the previous month. HDFC Bank, with 22.64 million cards, remains the leader in the sector. The credit card industry itself has grown by 12.85% YoY, reaching 106.88 million cards.

Leadership’s Commitment to Innovation

Abhijit Chakravorty, MD & CEO of SBI Card, expressed pride in the company’s achievement, emphasizing the brand’s focus on customer-centric innovations and secure, rewarding payment solutions. “Crossing the 20 million cards milestone reflects our relentless pursuit of customer satisfaction and innovation,” Chakravorty said. The company’s focus on expanding its offerings and reaching a wider audience, including Tier 2 and Tier 3 cities, has played a key role in its growth.

Competitive Edge and Future Outlook

SBI Card’s success is attributed to its diverse product offerings and customer-first approach, which includes superior customer service, a wide range of rewards, and easy access to credit. The company’s continued investment in technology and expansion into digital payments positions it for further growth in India’s increasingly digital economy. With a strategic focus on both innovation and inclusivity, SBI Card is poised for continued leadership in the competitive credit card market.

Summary of the news