Biz File

SBI launches payment card
State Bank of India today marked its entry into the payment card industry with the launch of SBI Card in partnership with GE Capital. SBI Card, which will be issued as a VISA card, will be available in Delhi initially. It will be launched in major cities over a period of time. The card was launched by SBI chairman M.S. Verma in the presence of Nigel D.T. Andrews, executive vice president of GE Capital and Dennis M. Goggin, president and CEO of Visa International Asia Pacific. It offers the Indian consumer interest free credit up to 50 days, extended credit option, lost card protection, 24-hour SBI Card Helpline and cash access from designated SBI branches.