SBI Cards is working on a new product exclusive for the SME (small and medium enterprises) sector, as part of its efforts to expand its customer base.
On the retail front, the standalone credit cards company plans to enable new customers subscribe to the card through the social media platform, such as Facebook.
"We are working on the SME card product and are hopeful of launching it next fiscal. There is significant potential in this sector," Kadambi Narahari, CEO, told Business Line.
SBI Cards, a joint venture between State Bank of India and GE Capital, had launched a similar product for the corporate sector. "We have sold 500 corporate cards so far and hope to touch 2,000 next fiscal," he said.
The company, which launched a new on-line application service recently called Click2Card, plans to expand this offering to the social media network. The Click2Card service was launched two weeks ago and the company has so far received 3,000 online requests, out of which 1,200 were given the cards.
"Next year, we expect to see this platform getting us 25,000 new customers," Narahari said.
It has a customer base of 2.3 million currently, expecting to add another 525,000 this year. "By 2014-15, we intend to do a new business of one million customers every year," he said.