SBI to launch ‘signature' card for high net worth individuals

SBI Card is planning to launch a signature card early next week as it is bullish on the credit card market.

The new card will be targeted at high net-worth individuals (HNIs) and the very affluent segment.

“The average income limit will be higher than that of all other SBI credit cards,” Mr Kadambi Narahari, CEO, SBI Card, said.

SBI Cards will grow its business by 25-30 per cent in 2013, Mr Narahari added

SBI Cards is a joint venture between State Bank of India and GE Capital. The foreign company handles the technology and processing needs of SBI Cards.

At present, the company has 2.2 million cards in force with an asset size of Rs 2,300 crore. Despite decreasing growth in the card industry, the company is eyeing an addition of “at least one million cards by 2014”.

The company also plans to penetrate Tier II and III cities further.

“With better road network, media penetration and growing retail chains, three years from now, we see the card payment market growing in these cities at a rate as high as 20 per cent, outpacing the Tier I market,” Mr Narahari added.

SBI Cards will tap SBI's customers across the country. The SBI Group has a branch network of about 20,000.

Currently, SBI Cards is the third largest credit cards company in the market after HDFC Bank and ICICI Bank.

beena.parmar@thehindu.co.in