SBI Card crosses 3 million cardholders milestone

Bangalore, Nov 13 (UNI) SBI Card, a joint venture between SBI and GE Money, today announced that it has crossed the three million cardholders mark.

SBI Card was unique as it was the only Non Banking Finance Company (NBFC) issuing credit cards in the country.

Commenting on this occasion, SBI Card CEO Roopam Asthana said in a release here that ''this milestone is even more remarkable as we have added one million cardholders in just ten months. Our objective is to accelerate the pace of growth by extending the benefits of SBI Card to a broader range of Indian consumers in tier-II cities, along with improved value propositions for the urban affluent customers.'' ''We have already increased our sourcing locations from 41 in 2002 to the current 109. In addition, we are ramping up our sales force from 5,000 to 7,000 by December 2006, for increased productivity,'' he added.

SBI Card had grown at an impressive Compounded Annum Growth Rate of 45 per cent on spends and NEA since 2000.

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