State Bank set to unveil credit card on October 15

PRESS TRUST OF INDIA

New Delhi, Oct 11: State Bank of India (SBI) will launch its credit card on October 15 via two separate joint ventures with the US-financial major GE Caps.The launch, earlier planned for September, has been hanging fire because of various regulatory requirements, sources said. After getting the Foreign Investment Promotion Board nod for equity investment in the two joint ventures, General Electric Capital has also received RBI certification for these two ventures as non-banking finance companies, they said.SBI chairman MS Verma along with GE India chief executive officer Scott R Bayman will formally launch the much-awaited credit card in the capital.Sources said the soft launch of the card had already started with their distribution to SBI officials earlier.

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