SBI Cards, like most other credit card issuers in the country, suffered losses during the financial crisis of 2008-09 due to sharp increase in delinquencies. The company, a joint venture between

The number of outstanding credit cards in the country declined for the fourth straight year in 2011-12 even as private sector and foreign banks in India have started to expand this business

In 2011, Barclays Bank suspended expansion of its retail banking operations, exited the credit cards and small and medium enterprises businesses, and merged its corporate and investment banking