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SBI Card Business Grows at 40% CAGR
May 23, 2018
India’s sector largest credit card issuer SBI Card is growing at a compounded annual growth rate (CAGR) of 40% mainly because of the widespread adoption of internet in small towns.
SBI Card Chief Executive Officer and Managing Director Hardayal Prasad said that the company’s customer base grew from 4 million in September 2016 to 5 million in September 2017. He said that by March 2018, the total figure had hit 6.3 million mark. This impressive growth is largely because of high usage in small towns where the users do 20% of their spending online with their smartphones.
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