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Mumbai, Nov 3: The largest state-owned lender, State Bank of India(SBI), intends to forge alliances with other Indian banks in a bid to capture maximum share of credit card business in the country. While addressing media persons in Mumbai on Monday during the official launch of State Bank of India-Dena Bank co-branded credit card, Diwakar Gupta, CEO, SBI Card, said that his bank is keen to lower credit card interest rates and is hoping to do so as soon as funds are available at cheaper costs.
He said, “Despite, the current turmoil, the credit card business is expected to post healthy growth in the country as in the past five years. The credit card industry has grown over 20% on year-on-year basis. However, rise in delinquencies up to 15% in the credit card segment is a major cause concern for all Indian banks including us.” Diwakar said that State Bank will henceforth remain very prudent in issuing new credit cards in the country in the current economic situation. Also, the bank’s strategy will be to offer facilities like softer interest rates, equated monthly installments to a certain class of credit card defaulters in a bid to control the rise in delinquencies.
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