Question

The first credit card by an Indian bank was issued by:

• A. HDFC bank
• B. Central bank of India
• C. ICICI Bank
• D. State Bank of India
• E. None of these

Hint:

The history of financial services, like credit cards, often traces back to state-owned banks in India, which played a crucial role in their initial introduction.

Answer 1

The Correct Option is D

Step 1: Understanding the history of credit cards in India.
The first Indian credit card was introduced by the State Bank of India (SBI) in 1981. This marked the beginning of credit card services in India, which were later expanded by other banks.
Step 2: Analyzing the options.
- (a) HDFC bank: Incorrect. HDFC Bank did launch credit cards later, but they were not the first to introduce them.
- (b) Central bank of India: Incorrect. The Central Bank of India was not the first to issue credit cards.
- (c) ICICI Bank: Incorrect. ICICI Bank was not the first to issue credit cards either.
- (d) State Bank of India: Correct, as SBI issued the first credit card in India.
Step 3: Conclusion.
The correct answer is (d), as State Bank of India was the first to issue a credit card in India.