MUMBAI, Nov 17: India's largest bank, the State Bank of India (SBI) launched its much-awaited credit card here on Tuesday aiminging at cornering a market share of 30 per cent by the year 2001. The US financial conglomerate, GE Capital has joined hands with SBI to introduce the SBI Card in India.Addressing a news conference here today, M S Verma, Chairman of SBI said: "Credit cards were here before, but it is only now that the credit culture is picking up. SBI Cards plans to have a market share of 30 per cent by 2001 by which time the cardbase is expected to touch 6 million."
SBI and GE Capital have established two joint ventures in the country. A marketing company, SBI Cards & Payment Services Ltd to focus on the marketing and distribution of SBI Cards with GE Capital Business Processes Management Services Ltd to handle the technology and processing needs.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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