SBI's Chairman, Arundhati Bhattacharya says, “Demonetisation has given card business a leg-up. We believe that if we continue our efforts towards digitisation, it should bode well for our cards business."
Banks are extremely cautious when it comes to issue credit cards, especially after the crisis in 2008 when credit card outstanding increased sharply, and got added to banks' non performing assets then. However, now they do comply with the credit bureau's norms before providing loans.
Stock view :
State Bank of India is currently trading at Rs 257.25, up by Rs 1.1 or 0.43% from its previous closing of Rs 256.15 on the BSE.
The scrip opened at Rs 256.5 and has touched a high and low of Rs 259 and Rs 256.5 respectively. So far 4802501(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 198843.53 crore.
The BSE group 'A' stock of face value Rs 1 has touched a 52 week high of Rs 288.5 on 11-Nov-2016 and a 52 week low of Rs 148.3 on 12-Feb-2016. Last one week high and low of the scrip stood at Rs 258.55 and Rs 248.1 respectively.
The promoters holding in the company stood at 60.18 % while Institutions and Non-Institutions held 28.61 % and 9.58 % respectively.
The stock is currently trading above its 50 DMA.