SBI Card

Bank of Maharashtra has collaborated with SBI Card to introduce a new credit card aimed at enhancing financial accessibility and rewarding digital transactions. The card is designed to cater to a broad spectrum of consumers, offering attractive benefits such as cashback, reward points, and discounts on retail, dining, and travel. Analysts anticipate that this strategic partnership will bolster both institutions’ market share in the competitive credit card segment, while promoting a shift towards cashless payments.

In a move that underscores its commitment to financial innovation and customer-centric solutions, Bank of Maharashtra has partnered with SBI Card to roll out a suite of co-branded credit cards. This strategic alliance aims to offer value-driven financial tools to customers, combining the bank’s strong regional presence and loyal customer base with SBI Card’s digital capabilities and product depth.

SBI Cards and Payment Services Ltd, India’s second-largest credit card issuer, reported a 19% decline in net profit for the March quarter of FY25, registering Rs. 534 crore as elevated defaults weighed on earnings. While overall income rose to Rs. 4,832 crore during the period, the spike in non-performing assets led to a significant increase in impairment losses. For the full fiscal year, the company's net profit dropped by 20%, despite growth in interest income and an expanding balance sheet.