Industry Financial Services Website www.sbicard.com Founded 1998 | Products Credit Cards CEO Vijay Jasuja (Jul 2014–) Headquarters Gurgaon | |
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Type Non-banking Financial Company Parent organizations State Bank of India, GE Capital Profiles | ||
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SBI Cards & Payments Services Pvt. Ltd., or SBICPSL, is a payment solutions provider in India. It is incorporated as a joint venture between the State Bank of India, India's largest bank, and GE Capital. They are headquartered in Gurgaon, Haryana/ Delhi NCR and have branches in over 50 cities across India. For the financial year ended March 31, 2016, SBI Card recorded a net profit of ₹271 crore and profit before tax of about ₹438 crore. As of July 2016,the company has a customer base of 3.75 million credit cards .
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Shareholding
GE Capital had, in 1998, partnered with State Bank of India to float two joint venture companies, including SBI Cards for developing credit card business in India.
SBI Cards & Payment Services is the front end of the business focusing on marketing and distribution of credit cards. On the other hand, GE Capital Business Process Management Services takes care of technology and processing as a captive BPO unit. GE Capital owns 40 per cent in the former and 60 per cent in the latter.
SBI owns 60 per cent in SBI Cards and Payment Services and 40 per cent in the captive BPO unit.
As on July 2016, State Bank of India was looking for a replacement for GE Capital in the credit card joint venture in accordance with General Electric's global plan to exit from finance business.
SBI Credit Cards
SBI Card caters to both the individual and corporate segments. SBI Card offers a number of cards under each of the following categories:
Logo
The SBI Card logo has the symbol of State Bank of India, which is a circle and not key hole, and a small man at the center of the circle.