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SBI Cards to launch Rs 25,000 limit cards soon

Business, National News

SBI Cards to launch Rs 25,000 limit cards soon

To take advantage of the opportunities arising from the limited cash supply, SBI Cards will soon launch a credit card with a cap of Rs 25,000 for those in the lower strata of the company who have the ability to pay but have No cards, a leading company said the responsible.

“For the lower strata of society who do not have credit to get the card, what we understand today is that every bank account has money so we can give them a secure card, Even if they do not have a credit history.So card with a limit of Rs 25,000 against bank deposit security can be given to anyone, “SBI Cards and Payment Services (SBI Cards) Director General Vijay Jasuja told PTI in an interview.

The problem is not that these people do not have money to spend, but they do not have cards to use, Jasuja said, adding SBI Cards will offer them secure cards in about two or three months.

After the government’s decision to ban former Rs 500 and Rs 1000, SBI Cards has witnessed a surge in the use of cards and expects to add 20-25 percent more customers.

“Since this demonetisation, there has been an exponential increase in the use of cards in terms of the number of transactions and volumes. Our plan was to grow from 900,000 to 100,000 cards in a year, but with this change, At least 20-25 percent of new customers, “he said.

He also said that the company has simplified the process of card acquisition and plans to reduce income cut-off criteria to give credit cards to potential customers.

Jasuja said that even Jan-Dhan account holders can be potential customers.

SBI Cards is also accelerating the customer acquisition process by reducing the delivery period so that more and more people are added to the network.

“Today the delivery time is 9 to 11 days, what we do is that we try to reduce it to 2-3 days is the minimum,” said the official.

The company will also deploy more people on the ground who will be present in all major markets and shopping centers so that if someone wants a card, the team can talk to these people, accept their application, document and Speed up the processing and delivery period.

With less encouragement for cash transactions after demontisation, Jasuja believes that there will be a major change in the consumer behavior of spending.

“The kind of people who use credit cards already use cards, but they may be, they spend 20 per cent per card and 80 per cent in cash. One hundred in cash, “he added.