State Bank of India's credit card division, SBI Cards will be introducing signature card targeting affluent class and high net-worth individuals (HNI). The card might hit the market as early as next week.
The bank is positive on the growth prospects, and hopes to grow by 25-30 percent in 2013. Currently the SBI's credit card portfolio is 22 lakh cards strong with an asset size of Rs. 2,300 crore. Mr. Kadambi Narahari, the CEO, SBI Card also hopes to add "at least one million cards by 2014."
"With better road network, media penetration and growing retail chains, three years from now, we see the card payment market growing in these cities at a rate as high as 20 per cent, outpacing the Tier I market," Mr. Narahari further added.
The company also has aggressive plans for Tier II and Tier III locations. The company plans to tap the 20,000 strong branch network of the SBI group to fuel its growth plans.
SBI Card is the third largest credit card issuer in the country behind the HDFC Bank, and ICICI Bank.