NEW DELHI : SBI Cards and Payments Services has said that customers continued using their credit cards during lockdown and due to the unique nature of business the average daily spends were in upwards of ₹175 crore during May.
The company which is promoted by the country's largest lender State Bank of India (SBI) and goes by the brand name SBI Card said it has been focusing on business continuity since the first lockdown (late March) was announced, and has been continuously scaling up business operations since then.
SBI Card has undertaken a detailed scenario analysis of the unprecedented economic situation caused by the COVID-19 crisis and has developed strategies to manage its business impact, it said in a regulatory filing.