SBI Cards and Payment Services Board Approves Rs.3,000 Crore NCD Issuance

6 Jun 2023 , 10:17 AM

SBI Cards and Payment Services Ltd released a statement regarding their board meeting. The board of directors approved the raising of funds through the issuance of Non-Convertible Debentures (NCDs). The NCDs will amount to Rs.3,000 Crores. The issuance will take place in one or more tranches. The funds will be raised on a private placement basis.

In the quarter that ended 31st March 2023, SBI Cards and Payment Services reported a net profit of Rs.596.5 crore, representing a 2.7% increase compared to the corresponding quarter of the previous fiscal year.

SBI Cards and Payment Services witnessed a growth in new accounts volume, with 1,371,000 accounts added in Q4 FY23, a 37% increase from the 1,002,000 accounts added in Q4 FY22.

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