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SBI card launches credit card for MSMEs to cater to short-term credit needs
September 07, 2023
Credit card issuer SBI Card on Wednesday launched a new credit card SimplySAVE Merchant SBI Card for MSMEs to cater to their short-term credit requirements. Available on RuPay network, the card be linked to UPI for payments through various UPI-enabled third-party apps.
“MSMEs contribute significantly towards economic growth and job generation. Therefore, it is important to empower them, especially by ensuring easier and timely access to formal credit. The launch of SimplySAVE Merchant SBI Card is an attempt to address this larger segment by extending interest-free short-term credit to MSME,” said Dinesh Khara, Chairman, State Bank of India.
SBI Cards and Payment Services is a non-banking financial company by SBI offering an extensive credit card portfolio to individual cardholders and corporate clients including lifestyle, rewards, travel & fuel, and banking partnerships cards along with corporate cards. The NBFC said it had a base of over 17 million cards as of the first quarter of the current financial year.
The company didn’t disclose information about the credit limit and other offerings on the card in its statement.
Meanwhile, SBI Cards and Payment Services had reported a 5 per cent decline in its profit after tax year on year at ₹593 crore in the first quarter of FY24 vis-a-vis ₹627 crore Cr in Q1 FY23. The total revenue had increased by 24 per cent YoY at ₹4,046 crore in Q1 FY24 versus ₹3,263 crore in Q1 FY23.
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