SBI Cards & Payments Services is a payment solutions provider in India and is a subsidiary of the SBI - India's Largest PSU Bank.
SBI Cards & Payments Services has reported outstanding borrowings by retail Indian customers worth Rs 17,362.86 crore as on March 31, 2020. The company had the highest credit rating during the previous fiscal year ended March 2020 with AAA/ Stable rating by Crisil and ICRA.
RBI has issued a Moratorium on Credit Card Payments for Consumers who are in distress due to COVID-19 Issue. However, interest will continue to accrue on the Credit Card Account until the balance is Paid off. However, NO Negative CIBIL Reporting can be Done for the period ending till June-30.
