SBI Card hits 20M credit cards in circulation, a significant achievement in India’s financial sector. Since its inception in 1998, the company has grown steadily to become the second-largest credit card issuer in the country. This milestone demonstrates its commitment to innovation and exceptional customer service.
How SBI card hits 20M credit cards through consistent growth
SBI Card has shown an impressive compound annual growth rate (CAGR) of 25% in issued cards between FY19 and FY24. Additionally, it recorded a 26% CAGR in transaction volumes during the same period. These growth rates highlight its ability to adapt to the evolving needs of its customer base.
SBI card hits 20M credit cards, securing a competitive market position
As of October 2024, SBI Card had nearly 19.8 million cards in circulation, just behind HDFC Bank’s 22.64 million. According to RBI data, the total credit cards in circulation across the market rose by 12.85% year-on-year to reach 106.88 million. SBI Card added 220,265 new cards during this period, reflecting its strong market presence.
Leadership insights on how SBI card hits 20M credit cards
Abhijit Chakravorty, MD & CEO of SBI Card, acknowledged the milestone by saying:
“Crossing the 2 crore mark highlights the trust and loyalty of our customers. It also reflects our focus on offering secure, convenient, and rewarding payment solutions. We remain committed to addressing the evolving needs of our customers through innovation.”
Future prospects
This milestone is not just about numbers but represents the company’s broader vision. SBI Card plans to expand its customer base further by introducing innovative features and products. The company is set to strengthen its role as a leader in providing accessible and user-friendly financial solutions.
Conclusion
SBI Card hitting 20M credit cards is a testament to its dedication to excellence and customer-centric innovation. This achievement sets the stage for continued growth and reinforces its position as a trusted name in the financial sector.
