
SBI to soon launch credit card with Rs 25,000 limit to tap low-income individuals
India TV NewsAt a time when cash crunch gripping the country these days, public sector bank SBI has decided to launch a credit card with a cap of Rs 25,000 for those at the lower strata of the society, a top company official said. So, card with a limit of Rs 25,000 against the security of bank deposit can be given to anyone," SBI Cards & Payment Services Chief Executive Vijay Jasuja told PTI in an interview. After government's decision to ban old banknotes of Rs 500 and Rs 1,000, SBI Cards has been witnessing a surge in card usage and expects to add 20-25 per cent more customers. He also said that the company has simplified card acquisition process and is planning to reduce the income cut-off criteria for giving credit cards to potential customers. "The kind of people who use credit cards are already using cards, but may be, they spend 20 per cent by card and 80 per cent by cash.
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