SBI Cards and Payment Services Limited is a subsidiary of State Bank of India, with promoter holding of 69.02% and a public holding of 30.98% in 2023. SBI Cards operates across multiple segments: retail credit cards, corporate and co-branded cards, merchant acquiring, and payments processing, with key offerings including lifestyle, travel, and fuel cards issued directly or in partnership with airlines, banks, and retailers.
Cyborg Score Rationale
Market capitalization of $7.97B with trailing twelve month revenue of $1.79B shows solid financial scale. Named 'Best Credit Card Issuer – India' by Global Finance Awards and earned FinTech India Awards' 'Innovation in Payments' accolade demonstrates competitive strength. Minor headwinds from recent policy changes and analyst caution temper the outlook.
Top Insights
For the financial year ended 2023, the company experienced significant growth in revenue with a 26.4% increase and a substantial improvement in profitability with a 39.74% increase in profit
Surpassed Rs. 20,000 crore in annual processing volume in 2024 and expanded fintech partnerships
Digital-first operations aiming to eliminate 80% paper usage by 2026 and commitment to reducing carbon footprint across offices and data centres by 30% by 2030
Effective February 2026, the bank has implemented significant changes to its rewards program and the rules for certain card categories
Named Competitors
HDFC Bank Credit Cards — Premium credit card offerings with banking integration
ICICI Bank Credit Cards — Diverse card portfolio with lifestyle and rewards focus
Axis Bank Credit Cards — Co-branded and premium card products