Country's second largest credit card company, SBI Card on Monday said it has crossed the milestone of three million cardholders mark riding on the success of co-branded business strategy.
"Our association with Indian Railways, Lifestyle, LG, Go Air, Vishal Mega-Mart, Hero Honda and Tata for co-branded cards has been one of the major factors in our success and we look forward to forging more successful partnerships in the future," SBI Card CEO Roopam Asthana said in a statement.
SBI Card, a joint venture between State Bank of India and GE Money, has grown at an impressive Compounded Annum Growth Rate (CAGR) of 45 per cent on spends and is the only non-bank finance company issuing credit cards in India.
"This milestone is even more remarkable as we have added 1 million cardholders in just 10 months," Asthana said.
He said the objective is to accelerate the pace of growth by extending the benefits of SBI Card to a broader range of Indian consumers in Tier II cities, along with improved value propositions for the urban affluent customers.
The company has increased the sourcing locations from 41 in 2002 to the current 109 and plans to ramp up its sales force from 5,000 to 7,000 by December, 2006 for increased productivity.