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ENS ECONOMIC BUREAU
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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This story was printed from Net Express located at http://www.expressindia.com. Net Express provides a portal to India, with news from The Indian Express and The Financial Express along with sites on travel and tourism, the entertainment industry, the power sector, the environment and much more.
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