To tap opportunities arising out of limited cash supply following demonetisation, SBI Cards will soon launch credit cards aimed at the lower income group who have the capacity to pay but don't have cards, besides quickening card delivery period to 2-3 days.
"From the issuer side, what we can do is acquire more people and acquire faster. Another thing that we are launching is for the lower strata of society who do not have credit worthiness to get card. We understand that each bank account has some money, so we can give them secured card, even if they don't have any credit history.
"Say for example, card with limit of Rs 25,000 against the security of bank deposit can be given to anyone," SBI Cards & Payment Services (SBI Cards) Chief Executive Vijay Jasuja told PTI.
The problem is not that these people don't have money to spend, but they don't have cards to use, Jasuja said, adding SBI Cards will offer them secured cards in about two-three months. After government's decision to ban old banknotes of Rs 500 and Rs 1,000, SBI Cards has been witnessing a surge in card usage and expects to add 20-25 per cent more customers.