SBI Cards and Payment Services Limited, incorporated in 1998, is a subsidiary of the State Bank of India, which holds a 74% stake in the company before the public issue, and is the second-largest credit card issuer in India. The company has a strong market position with around 18% share in both the number of credit cards issued and total credit card spending during 2019, and offers a wide range of cards for individuals and businesses covering lifestyle, rewards, shopping, travel, fuel, co-branded, and corporate needs. It has partnered with several well-known brands such as Air India, Apollo Hospitals, BPCL, IRCTC, OLA Money, and Yatra, helping it reach diverse customer segments. Being backed by SBI, the company benefits from access to a vast network of over 21,900 bank branches and a large customer base across India, while operating from its headquarters in New Delhi with a strong sales presence in 145 cities. Between financial years 2017 and 2019, SBI Cards recorded strong growth in income, revenue, and profits, reflecting steady expansion of its business.