SBI Card surpasses milestone of 20 million credit cards in circulation

Daily Current Affairs / SBI Card surpasses milestone of 20 million credit cards in circulation

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Category : Business and economics Published on: December 10 2024

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SBI Cards announced in December 2024 that the number of its credit cards in circulation has crossed 20 million.
SBI Card has achieved the milestone of 20 million credit cards since it started its credit card business in 1998.
SBI Card has seen a robust growth of around 25 percent CAGR in applicable cards and 26 percent CAGR in spending between FY19 and FY24.
SBI Card is the second-largest card issuer in the country after HDFC Bank. Earlier in January 2024, HDFC Bank had achieved the milestone of issuing 20 million cards.
According to the latest data released by the Reserve Bank of India (RBI) for October, SBI Card had a circulation of around 19.8 million cards compared to 19.58 million cards in September 2024.