New Delhi: SBI Card, a leading credit card issuer in India, announced on Friday that it has surpassed 20 million credit cards in circulation. This significant milestone highlights the company’s growth and customer trust since its establishment in 1998.
In its official press release, SBI Card reported strong business growth, achieving a compound annual growth rate (CAGR) of 25% in the number of cards issued and a 26% CAGR in customer spending between FY19 and FY24. The company’s consistent performance has solidified its position as the second-largest credit card issuer in India, trailing only HDFC Bank, which had reached the 20 million card milestone earlier in January 2024.
Industry Growth Trends
According to the Reserve Bank of India’s (RBI) latest data for October 2024, SBI Card recorded 22.64 million cards in circulation, maintaining its lead over HDFC Bank’s 19.8 million cards, which had risen from 19.58 million in September 2024. The credit card sector has experienced remarkable growth, with the total number of outstanding credit cards in India rising by 12.85% year-on-year to 106.88 million.
The industry growth has been fueled by major players like HDFC Bank, which added 241,119 cards, and SBI Card, which contributed 220,265 cards during this period. These additions underscore the increasing consumer reliance on credit cards for everyday and high-value transactions.
Leadership Insights
Abhijit Chakravorty, Managing Director and Chief Executive Officer of SBI Card, expressed pride in the company’s accomplishment, stating, “The SBI Card brand is built on the value proposition of ‘Make Life Simple.’ Surpassing 2 crore cards in circulation demonstrates the trust and confidence of our customers. This achievement reflects our unwavering focus on innovation, exceptional customer service, and our mission to empower every Indian with secure, convenient, and rewarding payment solutions.”
Chakravorty added that the company remains committed to delivering unmatched value to its customers while addressing their evolving needs with cutting-edge products and services.
Milestone Significance
The milestone represents more than just a numerical achievement; it underscores SBI Card’s leadership in introducing customer-centric innovations and its ability to cater to the diverse payment needs of Indians. The company continues to invest in technology, enhance customer experiences, and expand its footprint in the digital payment ecosystem.
Competitive Edge
SBI Card’s success is attributed to its wide-ranging product offerings, catering to various customer segments, from entry-level users to premium customers. With a strong distribution network and partnerships, the company has been able to penetrate Tier 2 and Tier 3 cities, contributing to its impressive growth.
The brand’s focus on financial inclusivity, coupled with its ability to adapt to market demands, positions it as a key player in India’s expanding digital economy.
Looking Ahead
With over 20 million credit cards in circulation, SBI Card is poised for further growth. Its strategic initiatives, including customer-focused innovations, superior service, and collaborations, are expected to continue driving its leadership in the competitive credit card market. The milestone sets the stage for future success as the company works towards empowering its customers and supporting India’s journey toward becoming a digitally empowered economy.
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