homebusiness NewsSBI Card expects yearly addition of cards to be 2.4 million; says spends above pre COVID levels
SBI Card expects yearly addition of cards to be 2.4 million; says spends above pre-COVID levels
In an interview with CNBC-TV18, Rama Mohan Rao Amara, managing director and CEO at SBI Card, said, “The gradual unlocking has had a very positive impact on spends per card and overall spends.”
In an interview with CNBC-TV18, Rama Mohan Rao Amara, managing director and CEO at SBI Card, said, “The gradual unlocking has had a very positive impact on spends per card and overall spends.”
“The industry has recorded robust spending at the aggregate level. We have crossed pre-COVID levels in terms of run rate,” he said.
“We have adopted a very sustainable strategy and leveraged on every opportunity that was available. That got reflected in the improvement of our market share. It has been improving steadily. We will always aim for very sustainable performance,” he stated.
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The traditional pace has been 10,000 new accounts per day for SBI Card. “We have reached that level and we have been maintaining it consistently,” he said.
One can expect growth of around 2.4 million card additions in a year, he noted. According to him, India is still an underpenetrated market when it comes to credit cards.
“We are planning to expand our reach, we are into tier-III, tier-IV cities with the help of our bank channels which helps us to source customers who generally require additional time in terms of being active and spending on the card, it will take a slightly longer time compared to tier-I and tier-II customers but we have access to the branches etc.,” he mentioned.
“If we are growing at 2 million, it is safe to presume that it will be five times minimum for the industry,” he added.
For the full interview, watch accompanying video.
(Edited by : Dipika Ghosh)
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