SBI Card launched — 1 lakh users in 10 months
SBI Card was launched in 1998 with 1 lakh cardholders in 10 months, marking the beginning of its journey to become India's largest pure-play card issuer. This development had a significant impact on the credit card market in India.
SBI Card was launched in New Delhi in October 1998 as a joint venture between State Bank of India and GE Capital. The company signed up one lakh cardholders in ten months and crossed five lakh by December 2000. This launch marked the beginning of SBI Card’s journey to become India’s largest pure-play card issuer.
The launch of SBI Card brought credit cards to a wider audience beyond the metro elite. This move helped expand the credit card market in India and paved the way for SBI Card to become a major player in the industry.
Our take: this historical development is a testament to SBI Card’s growth and success. While it does not directly impact current cardholders, it highlights the issuer’s commitment to expanding its reach and services.