State Bank of India announced that it will offer credit cards to the users with the account balance of Rs 20,000 to Rs 25,000, without looking at their credit history. The announcement was done by the Arundhati Bhattacharya, chairman of SBI.
As per the reports, the initiative is taken to encourage the usage of credit cards, these cards will be categorized under 'Unnati', this card will be offered free, with no annual fee, for the four years.
Bhattacharya said in a statement, "Presently, lack of credit history has been a challenge in increasing the card penetration in the country. In such a scenario, this card is likely to facilitate in the generation of credit history for new users, which will help to bring them into organized financial stream."
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