SBI Cards

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SBI Card and Payments Services Limited (SBI Card)
Non-banking financial company
IndustryFinancial services
Founded1998
Headquarters
Area served
India
Key people
Hardayal Prasad, CEO
ProductsCredit cards
ServicesCredit Cards, Payments
Number of employees
3600
ParentState Bank of India and The Carlyle Group
Websitewww.sbicard.com

SBI Cards & Payments Services Ltd., previously known as SBI Cards and Payment Services Private Limited, is a payment solutions provider in India. SBI Card was launched in October 1998 by the State Bank of India, India's largest bank, and GE Capital. In December 2017, State Bank of India and The Carlyle Group.[1] acquired GE Capital`s stake in the Company. SBI Card is headquartered in Gurgaon, Haryana/Delhi NCR and have branches in over 100 cities across India.[2] For the financial year ending March 31, 2016, SBI Card recorded a net profit of ₹271 crore and a profit before tax of about ₹438 crore.[3]

Shareholding[edit]

State Bank of India held 60% share in SBI Cards & Payment Services Limited (SBICPSL) and 40% share in GE Capital Business Processes Management Services Limited GECBPMSL. GE Capital held 60% in GE Capital Business Processes Management Services Limited and 40% in SBI Cards & Payment Services Limited.

In 2017, GE Capital exited its JV with State Bank of India as a part of its global strategy to exit financial services sector. Following this development, State Bank of India increased its share to 74% and The Carlyle Group invested 26% in both the entities while replacing GE Capital. SBI Card is now in the process of merging both the entities into one.[4]

SBI Credit Card Portfolio[edit]

SBI Card has a wide portfolio catering to both individual and corporate customers. It offers variety of cards across consumer segments that include:

  • Premium Cards - SBI Card Elite, SBI Card PRIME, Doctor’s SBI Card
  • Classic Cards - SimplySAVE SBI Card
  • Industry first initiatives- SimplyCLICK SBI Card, SBI Card Unnati
  • Corporate cards - SBI Signature Corporate Card, SBI Platinum Corporate Card
  • Co-branded cards – Ola Money SBI Card, Etihad Guest SBI Card, Apollo SBI Card, BPCL SBI Card, IRCTC SBI Card, TATA Cards, Yatra SBI Card, fbb SBI STYLEUP Card, Air India SBI Card, Mumbai Metro SBI Card, Capital First SBI Card [5]

New brand identity[edit]

In February 2019, SBI Card unveiled new brand identity designed to appeal to the millennial generation. The redefined identity reflects the brand’s contemporary and youth-focused outlook and its endeavour to build a stronger connect with millennial consumers. As part of the brand makeover, SBI Card also unveiled its new logo. The logo retains the blue Keyhole and SBI wordmark for while the styling for the word ‘Card’ has been changed to a more approachable typeface.[6]

Milestones[edit]

  • 1998: SBI Card enters the credit card space[7]
  • 1999: Reaches the ‘1 Lakh’ mark within 10 months of launch[8]
  • 2002: SBI Card enters the ’1 Million Cards’ club
  • 2002: First partnership with a public sector bank[9]
  • 2003: SBI Card launches 8 Cities Affinity Cards with special tie-ups and offers[10]
  • 2005: The 2 Million Cards Milestone crossed[11][12]
  • 2006: SBI Card launches SBI Railway Card for Indian Railway travellers[13]
  • 2006: The launch of co-brand cards, SBI Spicejet Card and TATA Cards, India’s first loyalty cum credit card[14][15]
  • 2006: SBI Card becomes the second largest credit card issuer, with 3 million cards[16]
  • 2010: SBI Platinum Card launched[17][18]
  • 2011: Launches chip-based EMV Cards[19]
  • 2012: Launches SBI Signature Card for HNIs[20]
  • 2013: SBI Card launches the Air India SBI Signature Card and the Air India SBI Platinum Card[21]
  • 2014: Launch of fbb SBI STYLEUP Card[22]
  • 2014: SBI Card enters the ‘3 Million Cards’ club
  • 2015: Launch of SimplySAVE and SimplyCLICK SBI Card[23]
  • 2016: Launch of SBI Card ELITE[24]
  • 2016: SBI Card enters the ‘4 Million Cards’ club
  • 2017: Launch of Central SBI Card. SBI Card Unnati, Tata Star Card and BPCL SBI Card[25]
  • 2017: SBI Card enters the ‘5 Million Cards’ club
  • 2018: Launch of Doctor’s SBI Card and Apollo SBI Card[26]
  • 2018: SBI Card enters the ‘6 Million Cards’ club
  • 2019: Launch of SME Business Card, OLA Money SBI Credit Card, Etihad Guest SBI Card and Allahabad Bank SBI Card[27]
  • 2019: SBI Card enters the ‘8 Million Cards’ club
  • 2019: SBI Card enters the ‘9 Million Cards’ club

Awards[edit]

  • Reader’s Digest 'Most Trusted Brand Gold Award' (2008, 2009, 2010, 2012, 2013)[28][29]
  • Rated #2 in CNBC Consumer Awards 2 years in a row (2007–2009)[30]
  • Winner of Best Mature Captive Delivery Unit in Asia (2009)[31]
  • Reader’s Digest ‘Most Trusted Brand Gold Award' (2008)[32][33]
  • Rated #2 in Business World Survey on Customer Satisfaction (2007)[34]
  • Best Data Quality Award at 10th TransUnion CIBIL Credit Information conference
  • ‘Excellence in Customer Service’ award by Asia BPO Summit, 2012-13
  • ‘Excellence in Customer Service’ at the Asia Outsourcing Excellence Awards organized by CMO Asia, 2014.
  • ‘Best Credit Card Program’ for SimplyCLICK SBI Card at the MasterCard Innovation Awards 2016
  • ‘Best Issuing Institution across India & South Asia’ 2012, for fraud management by Visa Inc.
  • ‘Most Innovative Technology Legacy Transformation’ award for Card One Customer Relationship Management tool at International Gartner Awards 2016[35]
  • ‘Best use of Social Media in Marketing’ at 4th CMO Asia Award
  • ‘Excellent Compliance Performer’ at Annual Compliance 10/10 awards, 2016
  • ‘Best Loyalty Program in Non- Banking Financial Sector’ at the Loyalty Summit, Customer FEST Show, 2016

See also[edit]

References[edit]

  1. ^ "Company Overview of SBI Cards & Payment Services Private Limited" Bloomberg Businessweek. Retrieved 10 January 2013.
  2. ^ "SBI Cards Growth" India Times. Retrieved 8 January 2013.
  3. ^ http://www.thehindubusinessline.com/money-and-banking/sbi-card-still-looking-for-a-partner-to-replace-ge-caps/article8816339.ece
  4. ^ [1] Livemint. Retrieved 5 May 2019.
  5. ^ [2] Business Today. Retrieved 20 May 2019
  6. ^ https://bestmediainfo.com/2019/02/sbi-card-revamps-brand-identity-unveils-new-logo/
  7. ^ "SBI Card enters Credit Cards" Express India. Retrieved 9 January 2013.
  8. ^ "SBI Cards base crosses 5 lakh-mark in 2 years" Express India. Retrieved 11 January 2013.
  9. ^ "First Partnership with a public sector bank" India Times. Retrieved 26 December 2012.
  10. ^ "SBI launches Hyderabad card" The Hindu Business Line. Retrieved 11 January 2013.
  11. ^ "SBI Card Now 2 million strong and growing" Indiantelevision. Retrieved 12 November 2012.
  12. ^ "SBI Card crosses 2 million mark" Corporate News. Retrieved 1 October 2012.
  13. ^ "Railways Join Hands With SBI to Launch Co-Branded Credit Card" Financial Express. Retrieved 25 October 2012.
  14. ^ "SpiceJet, SBI Cards launch co-branded credit card" The Hindu. Retrieved 11 October 2012.
  15. ^ "Tata group, SBI launch card with loyalty theme" The Hindu Business Line. Retrieved 15 November 2012.
  16. ^ "SBI Cards is No.2 credit card co" Rediff India Abroad. Retrieved 16 September 2012.
  17. ^ "SBI Cards launches platinum card" The Hindu. Retrieved 16 September 2012.
  18. ^ "SBI launches Platinum Card" The Hindu. Retrieved 1 October 2012.
  19. ^ "EMV Cards" Economic Times. Retrieved 3 January 2012.
  20. ^ "HNI Cards" Archived 29 June 2012 at the Wayback Machine The Hindu Business Line. Retrieved 9 January 2013.
  21. ^ "Air India, SBI Cards launch co-branded credit card" Archived 23 November 2013 at the Wayback Machine The Hindu Business Line. Retrieved 17 September 2013.
  22. ^ https://www.jagranjosh.com/current-affairs/sbi-cards-tied-up-with-fbb-of-future-group-to-launch-a-cobranded-credit-card-named-styleup-1417757153-1] Jagran Josh.
  23. ^ https://economictimes.indiatimes.com/sbi-card-launches-simplyclick-a-credit-card-for-the-generation-that-is-always-online/articleshow/48953870.cms] Economic Times.
  24. ^ https://www.thehindubusinessline.com/money-and-banking/sbi-card-rolls-out-premium-plastic-for-hnis/article8811158.ece] The Hindu Businessline.
  25. ^ https://www.business-standard.com/article/news-ani/sbi-card-launches-sbi-card-unnati-credit-card-to-facilitate-digital-payments-nationwide-117033000328_1.html] The Business Standard.
  26. ^ https://www.business-standard.com/article/companies/apollo-hospitals-sbi-card-partner-up-to-launch-co-branded-credit-card-118092600935_1.html] Business Standard.
  27. ^ https://www.financialexpress.com/money/international-credit-card-sbi-card-launches-etihad-guest-credit-card-is-it-for-you/1454932/] Financial Express.
  28. ^ "SBI Card Voted India's Most Trusted Brand in Reader's Digest Asia Trusted Brands 2009 Survey" Business Standard. Retrieved 21 November 2013.
  29. ^ "SBI Card voted most trusted credit card brand in Reader's Digest Trusted Brands Survey 2010" Business Standard. Retrieved 21 November 2013.
  30. ^ "SBI Card Voted India's Most Trusted Brand in Reader's Digest Asia Trusted Brands 2009 Survey" Business Standard. Retrieved 7 January 2013.
  31. ^ "GE Capital, SBI joint venture wins award" The Hindu. Retrieved 10 January 2013.
  32. ^ "SBI Card Voted India's Most Trusted Brand in Reader's Digest Asia Trusted Brands 2009 Survey" Business Standard. Retrieved 10 January 2013.
  33. ^ "SBI Card voted as India's most trusted brand" CNBC MoneyControl. Retrieved 11 January 2013.
  34. ^ "SBI Card Voted India's Most Trusted Brand in Reader's Digest Asia Trusted Brands 2009 Survey" Business Standard. Retrieved 11 January 2013.
  35. ^ " NDTV Profit

External links[edit]