The Aditya Birla Group and SBI Card's Co-Branded credit cards will be on offer to 8-million customers of Aditya Birla Group companies which will include the customers from Aditya Birla Retail, Aditya Birla Financial Services Group (which includes Birla Sun Life Insurance and Birla Sun Life Mutual Funds), IDEA and Madura Garments.
The Economic Times has written a statement over one of Srinivasan's comments about the card, “The Aditya Birla Group has already established a presence in the financial services business market, through being a significant player in the non-banking space of the market. And we are committed to meet all the financial needs of our target customer whether they require it now or will need those needs to be fulfilled in the near future. Today, SBI Cards and Aditya Birla Group have taken yet another step in that direction, with the signing of a MoU between the two companies which will enable the two companies to put on offer a co-branded credit card to the customers of the Aditya Birla Group.”
The CEO of the SBI Credit Card business, Mr Diwakar Gupta had also mentioned that “We are pleased to partner with the Aditya Birla Group…bringing new products that offer greater value to our customers has been an ongoing endeavor for us at SBI Card.”
The Co-Branded credit cards of SBI Card and the Aditya Birla Group will be made available across more than 2000 retail outlets all of which would be of the Aditya Birla Group companies. The news has made some serious waves in the credit cards business with many other players in the market eying the move by both the companies with apprehension and timidity.
The interesting part of this new development in the market is that this is not the first co-branded card of SBI but the bank already has launched many co-branded credit cards before. In spite of that the new co-branded credit cards with Aditya Birla Group will surely and expected to increase the financial strength of State Bank of India's credit card division.
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