"Dream, Dream, Dream! Conduct these dreams into thoughts, and then transform them into action."
- Dr. A. P. J. Abdul Kalam
"Dream, Dream, Dream! Conduct these dreams into thoughts, and then transform them into action."
- Dr. A. P. J. Abdul Kalam
29 Mar 2017
Every account holder having a balance of Rs 20,000 in State Bank of India (SBI) will be issued with a credit card, as per the new policy. What’s more, no credit history of the customer is needed for this credit card.
The new SBI Card is called "Unnati." It is being given free of cost. Further, for four years from the date of issue, there will not be any annual fee for "Unnati" card. This is being done to facilitate expansion of the digital payments and also boost the reach of credit cards.
This move has come as joint collaboration between SBI and SBI Card. SBI has hiked its stake in the joint venture to 74%, according to a report in The Economic Times. SBI has bought GE Capital's stake for Rs 1,168 crore before the move came.
SBI head Arundhati Bhattacharya said, "Presently, lack of credit history has been a challenge in increasing the card penetration in the country. In such a scenario, this card is likely to facilitate in generation of credit history for new users, which will help bringing them into organised financial stream."
