SBI Card aims to keep non-performing assets CEO

SBI Card aims to keep non-performing assets : CEO

SBI Card aims to keep non-performing assets: CEO

SBI Card: The Chief Executive Officer Hardayal Prasad said the target to reduce the non-performing assets from 2.4% to 2.50% of total assets. He spoke to media in the launch of the company’s IPO. 

As of December 31 of last year, Gross NPAs, at 2.9 percent in March 2018, declined to 2.47 percent. The State Bank of India is planning for an initial public offer to raise nearly 1.25 billion dollars. As part of this, SBI Cards will offer a total of 130.5 million shares worth of 5 billion rupees. Meanwhile, the IPO price range set at Rs 750-755.

The subscription will open on March 2nd and close on March 5th. It also has the second-largest market share in the number of cards and market expenditures.

Prasad said to media that the company has been in discussions with the government on several occasions regarding charges paid by merchants for payment of cards. 

FM Nirmala Sitharaman said last year that companies with 500 million rupees of annual turnover will not have to pay a commercial discount rate, excluding credit cards, on debit cards and other digital transaction modes.  

SBI Cards hold a 74% stake in SBI Cards and the remaining 26% is owned by Carlyle Group. Carlyle bought a stake in General Electric in 2017 for 20 billion. Now, as part of its IPO process, SBI will sell a 4 percent stake and Carlyle a 10 percent stake.

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