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WEDNESDAY, NOVEMBER 25, 2009
  • Posted: Thu, Apr 10 2008. 12:03 AM IST

SBI Cards runs up huge losses, NPAs

Posts Rs186.61 cr loss in quarter ended Dec; non-performing assets at 16.28% among the highest in the industry

A Staff Writer

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Handa of GE Money said the company is seeking a strategic partner for its wholly-owned personal loans and mortgage portfolios and SBI Cards and the Wizard Home Loan product will remain unaffected. Wizard Home Loan is a joint venture of GE with Wizard International, floated in September 2007.

“GE Money will continue to build on our successful partnership in SBI Card and invest in our fast-growing Wizard Home Loans joint venture,” Handa said.

“In our quest for a strategic partner for the wholly-owned personal loans and mortgage portfolios only, we continue to review expressions of interest received from all parties and have no further details to share at this time on the likely partnership,” she added.

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Daniel Said:


As a holder of an SBI Card and an ex-employee of SBI, I am not at all surprised that SBI Cards has made a huge loss, considering how unprofessionally the company is run. I have had to run from pillar to post to get them to mail the monthly statement. Their standard response is that there is a problem with my mail box, though I am able to receive all other mails. Their so-called help line is unavailable most of the time, and e-mails elicit routine replies without any application of mind. Considering that SBI Cards carries the name of the SBI, it is high time that the top management of the SBI played an active role in running SBI Cards; otherwise, they will run the risk of SBI cards besmirching the reputation of the parent.

Posted On 4/10/2008 12:38:57 PM
Re: neha Said:


i don't think it's appropriate to make general statement based on a narrow personal experience. i am also an sbi card holder and find their service excellent in all respect. yes abt SBI's professional mgmt, their home loan npas are touching 3% ( comparitive fig for HDFC is close to 1%), talks about their risk management capabilities. left to sbi alone the NPAs could shoot to 25-30% in the card portfolio

Posted On 4/10/2008 4:50:40 PM
Re: amit Said:


Pl understand its a small world .You'll meet people from SBI Cards in the market sooner or later.They wont have good openion about you..

Posted On 4/16/2008 4:28:54 PM
Re: prakash Said:


i fully agree with u.they dont see drop box one of my ch was undated. instead informing me quickly they inform after amonth debitng the charges for late payment the r prompt enough.I wrote letter to ajay Bharati VP sbi card whse letter itself isundated top to bottom its fools peradise Explaining several reasons I asked him following quest. [space is less hence details not possible] quote'under the circumstances a] don’t you think Mr Ajay Bharathi its fit case for consumer forum? b] with all the above facts do u feel you need customer to SBI card? c] Don’t you think I should share my experience of SBI card [which make life miserable?] with the Press.& TV d] don’t you think Your ‘undated’ & ‘ wrong quoted date’31.1..2008’[instead 31.01.2009] in 2nd line of the letter also should be accounted for some where as you do it cruelly debit to the account of the customers ? 4.on special pleading helpline man reversed delayed charges vide MQ 008056001360 What about Rs 300/-? This is the cost due to delay attributed by SBI card itself whi customer should be penalized? Timely phone call would have sorted it out all. You need to flush your system to become customer friendly or else SBI Card Make life Miserable

Posted On 2/25/2009 2:52:05 PM
abha Said:


as an ex employee of GE, I am not surprised that the company has ended this way. It just had to

Posted On 4/22/2008 9:50:46 AM
Ajay Said:


I went to SBI's Head office on 5th Feb'08, I don't know why they have hired people like Mr. Ashish Shrama ... they have got attitude problem and they are least bothered about SBI they think thery are from GE and they are the boss ... they even don't ask its customers for water when they come to its branch

Posted On 4/24/2008 8:52:59 PM
Murali Said:


LOUSY SERVICE, LOUSY CUSTOMER SERVICE DEPARTMENT, OVERALL A LOUSY OPERATION!!!

Posted On 8/18/2009 8:40:16 PM
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