SBI Card customer base grows to 5mn

SBI Card, the second largest card issuer in the country, has grown its cardholder base to five million by adding one million pluscustomersover the last year. The company has also seensignificant increase incard spend which has grown from an average of Rs 3500 crores per month to Rs 5500 crores plus per month,over last one year. This has catapulted SBI Card to second position in terms of card spend among card issuers in the country, with a market share of 15%.

Speaking on the development Mr Vijay Jasuja, CEO, SBI Card said, “We are delighted that 5 million customers have placed their trust in us. This landmark has been attained at a rapid pace, by adding over 1 million customers in last one year.We believe that our penchant to provide the best in class products and highest level of service, backed by a culture of trust and transparency in everything we do, has been endorsed by our cardholders. We have risen from fourth position in the industry to become the second largest player, both in terms of customer base and card spends. With monthly retail card spends of over Rs 5500 crore and customer base of 5 million, we have cemented our position in the market as a card issuer of choice.”

He added, “Our focus has been to grow our portfolio with diverse product offerings ranging from entry level products users to premium and co-branded product products customised to customer needs and spending patterns.We believe only by continually creating additional value for our customers we can reciprocate the trust and support they have placed in us.With the continued support of our customers, we willkeep innovating to develop industry leading payment solutions.”