SBI Cards and Payment Services Limited was incorporated as a private limited company with the name SBI Cards and Payment Services Private Limited on May 15 1998 in New Delhi. On the conversion of the Company to a public limited company pursuant to a special resolution passed by the shareholders on August 2 2019 the name was changed to SBI Cards and Payment Services Limited on August 20 2019.The Company was registered as a non-public deposit taking NBFC pursuant to a certificate of registration (bearing number No. 14.01328) dated October 6 1998 issued by the RBI. Pursuant to a change in name of the Company and conversion from a private company to a public company a certificate of registration (bearing number No. 14.01328) dated November 13 2019 was issued by the RBI.SBI Cards is the second-largest credit card issuer in India with a 17.6% and 18.1% market share of the Indian credit card market in terms of the number of credit cards outstanding as of March 31 2019 and November 30 2019 respectively and a 17.1% and 17.9% market share of the Indian credit card market in terms of total credit card spends in fiscal 2019 and in the eight months ended November 30 2019 respectively according to the RBI. The Company offers an extensive credit card portfolio to individual cardholders and corporate clients which includes lifestyle rewards travel and fuel shopping banking partnership cards and corporate cards covering all major cardholder segments in terms of income profiles and lifestyles.SBI Cards and Payment Services Limited is a subsidiary of SBI India's largest commercial bank in terms of deposits advances and number of branches as of September 30 2019 according to the RBI. The Company started its operations in 1998 and since then SBI's parentage and highly trusted brand have allowed it to quickly establish a reputation of trust reliability and transparency with its cardholders. According to the RBI the company has grown its business faster than the Indian credit card market over the past three years both in terms of numbers of credit cards outstanding and amounts of credit card spends and the company believes it has achieved this by leveraging its strength and capitalizing on India's favourable economic and demographic changes including its strong macroeconomic performance rising affluence increasing consumer demand rapid urbanization and the growth of e-commerce platforms. From March 31 2017 to March 31 2019 its total credit card spends grew at a 54.2% CAGR (as compared to a 35.6% CAGR for the overall credit card industry according to the RBI) and the number of its credit cards outstanding grew at a 34.5% CAGR (as compared to a 25.6% CAGR for the overall credit card industry according to the RBI).SBI Cards has a broad credit card portfolio that includes SBI Card-branded credit cards as well as co-branded credit cards that bear both the SBI Card brand and its co-brand partners' brands. The Company offers four primary SBI Card branded credit cards: SimplySave SimplyClick Prime and Elite each catering to a varying set of cardholder needs. The Company is also the largest co-brand credit card issuer in India according to the CRISIL Report and it has partnerships with several major players in the travel fuel fashion healthcare and mobility industries including Air India Apollo Hospitals BPCL Etihad Guest Fbb IRCTC OLA Money and Yatra among others. The Credit cards portfolio is tailored to meet a diverse range of cardholder needs across the entire spectrum of its cardholders' income profiles and lifestyles from the premium cardholder category to the affluent mass affluent mass and new to credit categories. The Company issues its credit cards in partnership with the Visa MasterCard and RuPay payment networks and it is continuously looking to expand its payment network partnerships to broaden the reach and functionality of its credit card offerings.SBI Cards has a diversified customer acquisition network that enables it to engage prospective customers across multiple channels. The Company deploys a sales force of 32677 outsourced sales personnel as of December 31 2019 operating out of 145 Indian cities and which engages prospective customers through multiple channels including physical points of sale in bank branches retail stores malls fuel stations railway stations airports corporate parks and offices as well as through tele-sales online channels email SMS marketing and mobile applications. The Company is the leading player in open market customer acquisition in India according to the CRISIL Report. SBI Cards had a presence in 3190 open market points of sale across India as of December 31 2019. In addition its partnership with SBI provides access to SBI's extensive network of 21961 branches across India which enables it to market their credit cards to SBI's vast customer base of 445.5 million customers as of December 31 2019. Its extensive physical customer acquisition network is complemented by its digital sales and marketing capabilities which include their website mobile application and online email and SMS marketing platforms.