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A new State Bank of India new policy came out recently. And according to it, every a/c holder can have a credit card of SBI without showing his credit history to the bank. And don’t forget when I say every a/c, I mean every account holder who has a balance of Rs 20,000-25,000. In other word SBI has told, it will offer credit cards to every A/C holder whose bank balance is minimum Rs 20,000-25,000. Moreover without going into credit history. This is becoming the first great joint collaboration between the Arundhati Bhattacharya (led SBI) and the SBI Card after the bank march into the joint venture to 74% through buying out part of its partner GE Capital’s stake for Rs 1,168 crore. And according to the report, soon, GE Capital will sell its remaining stake to a private equity investor.
SBI Card ‘Unnati’:-
For four years, SBI Card ‘Unnati’ will be offered free, at zero annual fees and it will happen because of in an attempt to stimulate the adoption of credit cards and facilitate expansion in the reach of digital payments.
Arundhati Bhattacharya, leader of State Bank of India said- Presently, lack of credit history has been a challenge in increasing the card penetration in India. In such a case, this card is likely to facilitate the generation of credit history for new users, and it will help bringing them into organized financial stream.
And, thanks to this new policy, now account holder will have their credit cards at “Zero annual fees” (it’s being said that a/c holder should have the balance of Rs. 20,000-25,000).