SBI aims to be No 1 credit card company this financial year

By Our Banking Bureau | 11 Jun 2003

Mumbai: State Bank of India (SBI) is hoping to become the No 1 credit card company this financial year.

Speaking to newspersons on the sidelines of an international seminar on 'Accounting for Results,' A K Purwar, chairman, SBI, said: "We are the second-largest credit card company in India and hope to become the largest by March 2004."

On the issue of excluding the global depository receipts (GDR) holding from the 20-per cent foreign direct investment (FDI) limit, the chairman said the government is still considering the proposal. "The matter is still under examination and the government takes its own time."

Currently, investors such as Fidelity Investments, Capital Group Cos, Zurich Allied AG and other overseas investors own a combined 19 per cent of the bank. Excluding GDRs from the limit will allow overseas investors to buy as much as 8 per cent more of the bank stock.

Purwar chairman also refused to comment on the issue of the government's plans to buy back bonds and said he will have to wait till the government spell out its proposal.