About SBI Cards and Payment Services Limited 

SBI Cards and Payment Services Limited (SBI Card) incorporated on May 15, 1998 issues credit cards to consumers in India. The company was converted into a public limited entity in 2019 and completed its IPO on March 12, 2020 and was listed on BSE and NSE on March 16, 2020; it is the only and the first pure-play credit card company listed on Indian stock exchanges. The company’s equity is held by State Bank of India with 68.60% at the end of March 31, 2025. SBI Card’s registered office is in New Delhi, and its principal place of business is in Gurugram, Haryana, and it is domiciled in India. The company is a corporate insurance agent for its cardholders (licence granted on March 01, 2012; valid up to March 31, 2028)  .

What it does and offerings: SBI Card offers credit cards of all major networks supported by digital platforms including website, mobile application and technology which improve customer payments. The brand promise is “Make Life Simple” with customer centricity, trust and transparency at the core. Geographies: The company provides services and operations to Indian customers only, designed for the Indian market.

Number of subsidiaries: 0 (no subsidiaries, associates or joint ventures).

Key milestones: SBI Card had 2 crore cards in force at the end of FY 2024-25. Operationally, the year saw 80.41 crore transactions, total spends of Rs 3,33,480 crore, an average spend per card of Rs 1,69,000, and a 30-day retail spend active rate of 51.3%.

SBI Cards and Payment Services Limited’s Key Management

• Challa Sreenivasulu Setty, Chairman
• Salila Pande, Managing Director & Chief Executive Officer
• Ashutosh Kumar Sharma, Chief Operating Officer
• Rashmi Mohanty, Executive Vice President & Chief Financial Officer
• Payal Mittal Chhabra, Executive Vice President & Chief Compliance Officer and Company Secretary
• Girish Budhiraja, Executive Vice President & Chief Sales and Marketing Officer
• Nandini Malhotra, Executive Vice President & Chief Credit Officer
• Vishal Singh, Executive Vice President & Head – Consumer Sales

Latest Updates on SBI Cards and Payment Services Limited 

• Leadership: Abhijit Chakravorty resigned as MD & CEO with effect from close of business hours on March 31, 2025; Salila Pande was appointed MD & CEO with effect from April 1, 2025.
• Product launches: Introduction of SBI Card MILES and KrisFlyer SBI Card, and rollout of a hyper‑personalisation platform to deliver one‑to‑one communications via the mobile app.
• Digital payments: Launch of Credit on UPI in December 2024, enabling EMI at purchase on UPI-linked RuPay cards through third-party apps such as BHIM and GPay.
• Partnerships and offers: Apple iPhone 16 launch and also expanded national and regional offers across categories such as consumer durables, smartphones, marketplaces, apparel, grocery, jewellery and travel.
• Recognition: Reader’s Digest Trusted Brand 2024 in the credit card category, for the 16th time.
• Capital market actions: Allotted 3,88,435 equity shares under ESOP 2019; issued 1,500 Sub-ordinate Non-Convertible Debentures of Rs 1,00,00,000 each (aggregating Rs 1,500 crore) on a private placement basis; redeemed Non-Convertible Debentures aggregating Rs 2,905 crore.