History of SBI Card 

_x000D_ SBI Cards & Payment Services Limited, previously identified as SBI Cards & Payment Services Private Limited, stands as a notable player in India's credit card and payment services sector. This financial institution made its debut in May 1998 through a partnership between the State Bank of India and GE Capital._x000D_ _x000D_ It quickly made its mark, reaching the 1 lakh cardholder milestone by 1999, and in 2002, SBI Card entered the prestigious '1 Million Cards' club, solidifying its position in the credit card industry._x000D_ _x000D_ Throughout the years, SBI Card continued to expand its offerings and partnerships. In 2006, it launched co-branded cards with Indian Railways, SpiceJet, and Tata, followed by becoming the second-largest credit card issuer in the country. The introduction of chip-based EMV cards in 2011 marked a pivotal step in enhancing card security._x000D_ _x000D_ SBI Card's journey also saw a significant milestone of crossing 6 million cards in 2018. In 2020, SBI Card made history by becoming the first pure-play credit card issuer to list on the BSE and NSE, further demonstrating its strength and credibility in the financial sector. _x000D_ _x000D_ The partnership with Google for payments through Google Pay and network collaborations with American Express showcased its commitment to embracing cutting-edge technology. The year 2021 marked another significant milestone as SBI Card reached 13 million cards, continuing its exponential growth. The launch of SBI Card PULSE, catering to the fitness and wellness segment, reflected its adaptability to evolving consumer needs._x000D_ _x000D_ As of 2023, SBI Card proudly marks 25 years of a successful journey, underlining its enduring commitment to providing innovative financial solutions and services to millions of customers in India._x000D_

Business Segments 

_x000D_ SBI Card boasts a diverse and extensive portfolio to cater to the varied needs of individuals and businesses alike. Currently, they have the second largest customer base in India with over 16 million customers. The company’s products are broadly categorised in two categories:_x000D_

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• Personal Credit Cards: SBI Card's personal credit card portfolio is diverse and customer-centric. It encompasses Lifestyle Cards, Reward Cards, Shopping Cards, Travel & Fuel Cards and Banking Partnership Cards.
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• Corporate Credit Cards: SBI Card's corporate credit card offerings are tailored to meet the specific needs of businesses. Under this category, there are Corporate Cards, Central Travel Cards, Utility Cards, Corporate Purchase Cards, Corporate Virtual Cards, and Customised Solutions. SBI Card's corporate credit cards empower businesses with greater control, flexibility, and financial management capabilities.
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Key Personnel

_x000D_ Abhijit Chakravorty, MD_x000D_ _x000D_ Abhijit Chakravorty assumed leadership at SBI Card on the 12th of August 2023. Stationed in Gurgaon, he oversees the entirety of SBI Card's operations and business functions. Impressively, Mr. Chakravorty has dedicated close to thirty years of his career to the State Bank of India, which stands as the nation's most venerable and extensive banking group._x000D_

Financial Performance

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• SBI Card reported a net profit of ₹593 crore for the first quarter of fiscal year 2023-24, representing a 5% decrease compared to the same period in the previous year.
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• For the fiscal year 2022-23, SBI Card recorded a total revenue of ₹14,286 crore, marking a notable 26% year-on-year increase, showcasing the company's robust financial performance during the year.
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• SBI Card recorded an impressive 26% increase in fees and commission income, soaring from ₹5,227 crore in FY2022 to ₹6,604 crore in FY2023. This remarkable growth was driven by a substantial 22% expansion in the number of cards in circulation and a robust 41% surge in cardholder spending.
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• Business development incentive income witnessed remarkable growth, surging by 65% from ₹448 crore in FY2022 to ₹740 crore in FY2023. This substantial increase was also underpinned by the strong growth in cards-in-force and spending.
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• Interest income grew by 26%, reaching ₹6,153 crore in FY2023, compared to ₹4,866 crore in FY2022. Despite the growth, the interest income yield slightly decreased from 17.6% in FY2022 to 16.7% in FY2023. This change was accompanied by a notable 33% increase in average receivables.
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