Issuance of free credit cards is a risky affair. According to MD and CFO of State Bank of India, Mr Diwakar Gupta, the credit cards should be issued against a fee so that the cardholders only belong to the segment which values the card.

"Don't push (free) cards for the sake of increasing numbers," he said.

Gupta said so while speaking at the launch of the cobranded card by SBI and Bank of Maharashtra.

Mr A.S. Bhattacharya, CMD, BoM said, "We are happy that our bank is partnering with one of the largest credit-card issuers in the country. This strategic tie-up gives us the perfect platform to create a new benchmark in the credit-card industry."