The total spends made on all credit cards issued in the country as on 31 March 2012 was Rs96,000 crore and it is likely to go up to Rs1.2 lakh crore as on 31 March next year
Hyderabad: SBI Cards, a joint venture between State Bank of India (SBI) and GE Capital, is targeting to add one million new customers by 2014-15, reports PTI.
SBI Cards is presently the second largest issuer of credit cards in the country in terms of new cards issuance and the third largest in terms of Accounts-in-Force.
With a current customer base of over 2.3 million and a total asset base of Rs2,500 crore, SBI Cards operates through a footprint of 50 cities in the country.
"SBI Cards is doing extremely well. We turned the corner as on 31 March 2011. 2012 we made very good profits. Our expectation is that in the next many years, our profitability will go up definitely.
"Also, we plan to add one million new customers by in next two-three years. But more than that, we will be delivering on our brand promise of make life simple," Kadambi Narahari, Chief Executive Officer, SBI Cards (SBI Cards and Payment Services), told reporters.
The total spends made on all credit cards issued in the country as on 31 March 2012 was Rs96,000 crore and it is likely to go up to Rs1.2 lakh crore as on 31 March 2013, he said.
The credit card industry in the country has matured dramatically over the years with delinquencies coming down substantially, he said.
"You don't have a situation where people are using their credit cards recklessly. They are very responsible. They are now using the credit card as a financial instrument for their own personal financial planning. So, I can see that the delinquencies come down dramatically from the good old years.
That is because the number of card holders who are defaulting on the cards is also coming down. So, today we are seeing a mature credit card market compared to what it was a few years ago," he said.
SBI Cards also launched Click2Card, a customer-friendly online credit card application service, in Andhra Pradesh.
"With the internet and e-commerce boom in India, customers are increasingly looking for financial products online. Click2Card is another innovative service offering from SBI Cards and is in line with our digital roadmap. The new platform will offer significant customer benefits," Narahari said.
Under the partnership SBI will provide post-harvest credit facilities, while StarAgri will offer warehousing and other value-added services to farmers across India
Mumbai: State Bank of India (SBI) and Star Agri-warehousing & Collateral Management (StarAgri), an agri-services and solutions provider, have entered into a tie-up for warehousing receipt financing and collateral management services, reports PTI.
The partnership will deliver post-harvest credit facility to farmers all across India, a company statement said.
The two companies aim to reach farmers, joint liability groups and producer companies through SBI's 9,426-plus rural and semi-rural branches and StarAgri's offices spread over all states in India, it said.
SBI will provide post-harvest credit facilities, while StarAgri will offer warehousing and other value-added services to farmers. The produce stored in StarAgri's warehouses will act as collateral, it added.
SAT, while setting aside the SEBI order said that violations committed by the DSE Financial Services are mostly technical in nature and in some cases it has taken corrective measures
Mumbai: The Securities Appellate Tribunal (SAT) has set aside a Rs4 lakh penalty imposed by market regulator Securities and Exchange Board of India (SEBI) on a subsidiary of Delhi Stock Exchange (DSE) in April this year for not complying with certain rules, reports PTI.
In its order, SAT said that violations committed by the DSE Financial Services (DSFSL) are mostly technical in nature and in some cases it has taken corrective measures.
"The three violations committed by the appellant (DSFSL) are mostly technical in nature, some of them are solitary instances and for others the appellant has mostly taken corrective measures.
"In view of this, we are of the view that the adjudicating officer (of SEBI) was not justified in taking punitive action (against DSFSL)," SAT said. Consequently, SAT has set aside the "impugned order" passed by SEBI.
It further said, "We have also observed that every minor discrepancy/irregularity found during the course of inspection is not culpable and the object of the inspection could well be achieved by pointing out the irregularities/ deficiencies to the intermediary at the time of inspection and making it compliant."
SEBI had conducted an inspection of DSFSL during 8-23 February 2007 with regard to its activities as a stock broker and also as a depository participant of Central Depository Services (India) Ltd.
In an order dated 10 April 2012, SEBI had imposed a fine of Rs4 lakh on DSFSL for violating rules of functioning of its office and belongings.
"In exercise of the powers conferred upon the adjudicating officer under section 15 I of the SEBI Act...a penalty of Rs4 lakh has been imposed under sections 15F and 15 HB of the SEBI," the market regulator had said in a notification.
"...considering all the facts and circumstances of the case, ... a suitable penalty (Rs4 lakh) needs to be imposed on the noticee for the aforesaid violations or non-compliances," it had added.