State Bank of India (SBI), the country's largest public sector lender, has filed a draft prospectus with market regulator Security and Exchange Board of India (Sebi) to sell up to 4 percent stake in its credit card offshoot, SBI Cards and Payments Services (SBI Cards), to raise around Rs 9,600 crore through an initial public offering (IPO). The IPO, which is awaiting regulatory approval, is set to be India's biggest this financial year.
SBI Cards is the second-largest credit card issuer in the country, with 9.4 million outstanding cards as of the end of September. The 485-page draft prospectus is a barometer of the financial sector in India and sheds light on a raft of topics, including the evolution and salient features of the payments scene in India.
Here are 10 interesting data points:
First Published: IST