SBI Card to roll out financial package for defaulting clients

SBI Card to roll out financial package for defaulting clientsSBI Card would release a financial package for defaulting clients. SBI card is the joint venture company of State Bank of India and GE Money. SBI card intends to help those customers who have been good at repaying in the past, but have failed to repay following the turbulent global financial conditions. The company said that it would restructure its card-portfolio to check further defaults.

SBI Card CEO, Diwakar Gupta said that the company can enhance the tenure of the loan and revise interest rates to help customers. The company is charging interest between 3.1-3.35 percent and it may be revised to around 2.5 percent. He further said that the company is working as per industry standards and there is no problem of delinquencies as its delinquencies are not more than the average delinquencies of other firms.

The company has also decided to launch co-branded credit cards for more efficient SBI Cards & Payments Services. It has tied up with state owned Dena Bank, which has credit card holder base of 10,000. The Executive Director, Bhaskar Sen said that it has decided to avail services of professional organizations for credit cards as the company is interested to provide more efficient banking services. It would also expand its base in small towns across the country.