SBI Cards has achieved a 58% reduction in Scope 2 greenhouse gas emissions against its FY2019 baseline, marking significant progress toward its carbon neutrality target by 2030. The credit card issuer disclosed this milestone in its Business Responsibility and Sustainability Report (BRSR) for the financial year ended March 31, 2026. The report, which received reasonable assurance from SGS India Private Limited, also highlights advancements in waste management, with recycled plastic card adoption reaching 16.89% of total issuance.

The filing was approved by the Board of Directors and signed by Managing Director and CEO Salila Pande on July 24, 2026. The report covers standalone operations and aligns with the Securities and Exchange Board of India’s Listing Obligations and Disclosure Requirements Regulations, 2015. SBI Cards operates 23 offices across India, serving 28 states, with no international operations. The company’s paid-up capital stood at ₹9,51,60,02,510 as of March 31, 2026.

Environmental Performance Metrics

SBI Cards’ environmental strategy focuses on reducing its carbon footprint through renewable energy adoption and operational efficiency. Total energy consumption for FY2025-26 was 11,716.10 GJ, down from 12,514.48 GJ in FY2024-25. Renewable energy sources accounted for 883.76 GJ of this total. The company achieved zero data breaches during the reporting period.

Waste Management and Circular Economy

Total waste generated increased to 120.920 metric tonnes in FY2025-26 from 94.033 metric tonnes in the previous year. This rise was primarily driven by a scheduled replacement of batteries, which occurs every three to five years. Battery waste alone accounted for 22.428 metric tonnes. The company recycled 1.823 metric tonnes of plastic waste and reused 17.94 metric tonnes of battery waste.

Social and Governance Highlights

SBI Cards employed 33,129 individuals as of March 31, 2026, including 4,218 permanent employees. Women constituted 27.19% of permanent employees, nearing the target of 29% by FY2027. The company spent 0.112% of its total revenue on employee well-being measures. No fatalities or high-consequence work-related injuries were reported. The company recorded two complaints under the Sexual Harassment of Women at Workplace Act, both of which were resolved without upholding any charges.

What the Numbers Show

The divergence between rising total waste generation and declining energy intensity suggests that SBI Cards is successfully decoupling operational efficiency from physical resource consumption. While battery replacement drove a spike in waste volume, the 58% drop in Scope 2 emissions indicates effective implementation of renewable energy initiatives, particularly at the Chennai office where approximately 80% of electricity consumption is now met through renewable sources.

SBI Cards and Payment Services Limited, in partnership with Google Pay, launched the co-branded Google Pay Flex SBI Card on July 29, 2026. This strategic collaboration aims to merge traditional credit card rewards with the seamless convenience of digital wallets, targeting India’s growing base of digital-first consumers. The new card allows users to earn instant rewards, manage accounts, and access flexible repayment options directly through the Google Pay application, creating a unified payment experience. The disclosure was made pursuant to Regulation 30 and 51 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Product Features and Rewards Structure

The Google Pay Flex SBI Card utilizes a "Stars" reward system where one Star is equivalent to ₹1. Customers earn Stars on all value purchases, which can be redeemed instantly at the time of payment or against exclusive vouchers within the Google Pay app. The card offers tiered earning potential based on spending levels, with a yearly cap of up to 18,000 Stars on everyday spends across categories such as groceries, bill payments, travel, utilities, and shopping.

Fees and Welcome Benefits

The joining and annual renewal fee for the card is ₹499 plus applicable taxes, which is reversed if the cardholder achieves annual spends of ₹1,00,000. New cardholders receive a welcome gift worth ₹1,000, structured across multiple benefits upon activation and early usage.

Network Options and Digital Integration

The credit card is available on both RuPay and VISA payment networks. The RuPay variant can be linked to UPI, enabling transactions at millions of merchants nationwide, while both variants support tokenisation on Google Pay for tap-to-pay functionality. Key digital features include instant application and account management within the Google Pay app, an option to convert the latest outstanding bill into convenient EMIs, and seamless integration for earning and redeeming rewards without leaving the app.

Salila Pande, Managing Director & CEO of SBI Card, stated that the launch reflects the company's focus on creating best-in-class products that simplify transactions. Sharath Bulusu, Senior Director at Google Pay, noted that the card aims to make credit as ubiquitous as daily UPI payments, democratizing financial access for millions.

Source: https://lodr-files.dhan.co/lodr-inputs/Company/INE018E01016/21ace18bab8d4e3b.pdf