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SBI missed payments bus, too late to catch; eyes no. 1 spot in credit cards: Chairman Setty
Economic Times 2 hrs ago·7 Aug 2026, 7:03 pm
State Bank of India (SBI) Chairman Dinesh Kumar Setty has admitted that the bank missed a major opportunity to lead India's credit card market. While HDFC Bank currently holds the top spot with a significant share of active cards and monthly spending, SBI is now focused on reclaiming that position. The bank is particularly banking on its existing customer base, urging them to adopt its digital payment platform, YONO Pay, to boost its credit card business.
This admission highlights the intense competition in the Indian banking sector. For investors, the move signals SBI's aggressive push to diversify its revenue streams beyond traditional loans. The bank aims to leverage its massive customer base to gain market share in the digital payments space. However, success will depend on how effectively SBI can convert its loyal depositors into active credit card users.
What to watch next is the actual adoption rate of YONO Pay among SBI's vast customer pool. If the bank can successfully onboard a significant number of users, it could pose a serious challenge to HDFC Bank's dominance. Investors should also monitor the bank's quarterly results to see if this strategy begins to translate into higher credit card volumes and spending.
Excerpt from Economic Times
Updated On Aug 8, 2026 at 12:36 AM IST Largest lender State Bank of India ’s Chairman Challa Sreenivasulu Setty said the bank wants SBI Cards to become the country’s largest credit card issuer. “We would like to be number one,” Setty told ETBFSI when asked about SBI Card’s aspirations in the credit card space. While…Read the original at Economic Times
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