<?xml version="1.0" encoding="UTF-8"?>
<!--REG30PARAB V1.0 (01-06-2026)-->
<xbrli:xbrl xmlns:in-capmkt="http://www.sebi.gov.in/xbrl/2026-04-30/in-capmkt" xmlns:in-capmkt-ent="http://www.sebi.gov.in/xbrl/Regulation_30_Para_B_Of_Part_A_Of_Schedule_III/2026-04-30/in-capmkt/in-capmkt-ent" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric" xmlns:in-capmkt-types="http://www.sebi.gov.in/xbrl/2026-04-30/in-capmkt-types" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:net="http://www.xbrl.org/2009/role/net" xmlns:num="http://www.xbrl.org/dtr/type/numeric" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:iso4217="http://www.xbrl.org/2003/iso4217" xmlns:negated="http://www.xbrl.org/2009/role/negated" xmlns:xbrldi="http://xbrl.org/2006/xbrldi" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:xl="http://www.w3.org/1999/xlink"><link:schemaRef xlink:type="simple" xlink:href="in-capmkt-ent-2026-04-30.xsd"/><xbrli:context id="MainI"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">543066</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-10-18</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="I_VestingOfOptions"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">543066</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-10-18</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:explicitMember dimension="in-capmkt:StageOfOptionsToPurchaseSecuritiesAsPerSubPara10OfParaBAxis">in-capmkt:VestingOfOptionsMember</xbrldi:explicitMember></xbrli:scenario></xbrli:context><in-capmkt:NSESymbol contextRef="MainI">SBICARD</in-capmkt:NSESymbol><in-capmkt:NameOfTheCompany contextRef="MainI">	SBI CARDS AND PAYMENT SERVICES LIMITED</in-capmkt:NameOfTheCompany><in-capmkt:ScripCode contextRef="MainI">543066</in-capmkt:ScripCode><in-capmkt:MSEISymbol contextRef="MainI">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="MainI">INE018E01016</in-capmkt:ISIN><in-capmkt:TypeOfEventAsPerRegulation30ParaBOfPartAOfScheduleIII contextRef="MainI">Options to purchase securities ESOPS (Sub-para 10-Para B)</in-capmkt:TypeOfEventAsPerRegulation30ParaBOfPartAOfScheduleIII><in-capmkt:TypeOfAnnouncementAsPerRegulation30ParaBOfPartAOfScheduleIII contextRef="MainI">New</in-capmkt:TypeOfAnnouncementAsPerRegulation30ParaBOfPartAOfScheduleIII><in-capmkt:WhetherEventOrInformationDisclosedIsAnOutcomeOfTheBoardMeeting contextRef="MainI">false</in-capmkt:WhetherEventOrInformationDisclosedIsAnOutcomeOfTheBoardMeeting><in-capmkt:DateOfOccurrenceOfEventOrInformation contextRef="MainI">2026-10-18</in-capmkt:DateOfOccurrenceOfEventOrInformation><in-capmkt:TimeOfOccurrenceOfEventOrInformation contextRef="MainI">08:30:00</in-capmkt:TimeOfOccurrenceOfEventOrInformation><in-capmkt:DateOfReport contextRef="MainI">2026-10-18</in-capmkt:DateOfReport><in-capmkt:StageOfDisclosureOfOptionsToPurchaseSecurities contextRef="I_VestingOfOptions">Vesting of options</in-capmkt:StageOfDisclosureOfOptionsToPurchaseSecurities><in-capmkt:BriefDetailsOfOptionsGranted contextRef="I_VestingOfOptions">Upto 1,41,91,115 Stock options (Restricted Share Unit and Performance Share Units) exercisable into equity shares not exceeding 1,41,91,115  equity shares of the Company (or such adjusted numbers for corporate actions as prescribed in the Plan), having face value of INR 10 /- (Rupees Ten only) per equity share, (or such adjusted face value as may be resulted from the event of subdivision of the equity shares) (not exceeding 1.5% of the paid-up share capital of the Company as on March 31, 2023) at an exercise price of Rs. 10/- per option, may be offered to the eligible employee of the Company under the Plan.</in-capmkt:BriefDetailsOfOptionsGranted><in-capmkt:WhetherTheSchemeIsInTermsOfSEBISBEBRegulations2021 contextRef="I_VestingOfOptions">true</in-capmkt:WhetherTheSchemeIsInTermsOfSEBISBEBRegulations2021><in-capmkt:DetailsOfSharesCoveredByOptions contextRef="I_VestingOfOptions">Upto 1,41,91,115 Stock options (Restricted Share Unit and Performance Share Units) exercisable into equity shares not exceeding 1,41,91,115  equity shares of the Company (or such adjusted numbers for corporate actions as prescribed in the Plan), having face value of INR 10 /- (Rupees Ten only) per equity share, (or such adjusted face value as may be resulted from the event of subdivision of the equity shares) (not exceeding 1.5% of the paid-up share capital of the Company as on March 31, 2023) at an exercise price of Rs. 10/- per option, may be offered to the eligible employee of the Company under the Plan.</in-capmkt:DetailsOfSharesCoveredByOptions><in-capmkt:PricingFormulaForOptions contextRef="I_VestingOfOptions">The Exercise Price for the Options shall be INR 10 (Indian Rupees ten) per Option.</in-capmkt:PricingFormulaForOptions><in-capmkt:DetailsOfOptionsVested contextRef="I_VestingOfOptions">187164 (Restricted Share Units - 103615; Performance Share Units - 83549)</in-capmkt:DetailsOfOptionsVested><in-capmkt:DetailsOfTimeWithinWhichOptionMayBeExercised contextRef="I_VestingOfOptions">Subject to the terms and conditions as may be determined by the NRC and as set forth under the Plan, the Options may be Exercised by the Participant upon Vesting. The Exercise Period within which the Vested Option may be Exercised by the Participant shall be 3 (three) years from the Vesting Date for a Vested Option.</in-capmkt:DetailsOfTimeWithinWhichOptionMayBeExercised><in-capmkt:DetailsOfOptionsExercised contextRef="I_VestingOfOptions">NA</in-capmkt:DetailsOfOptionsExercised><in-capmkt:DetailsOfMoneyRealizedByExerciseOfOptions contextRef="I_VestingOfOptions">NA</in-capmkt:DetailsOfMoneyRealizedByExerciseOfOptions><in-capmkt:DetailsOfSharesArisingFromExerciseOfOptions contextRef="I_VestingOfOptions">NA</in-capmkt:DetailsOfSharesArisingFromExerciseOfOptions><in-capmkt:DetailsOfOptionsLapsed contextRef="I_VestingOfOptions">NA</in-capmkt:DetailsOfOptionsLapsed><in-capmkt:VariationInTermsOfOptions contextRef="I_VestingOfOptions">No</in-capmkt:VariationInTermsOfOptions><in-capmkt:BriefDetailsOfSignificantTermsOfOptions contextRef="I_VestingOfOptions">This Plan shall be operated and administered by the NRC.
The NRC will decide upon the number of Options to be granted to each Eligible Employee. The nature of Options to be Granted by the NRC i.e. RSU and /or PSU to the Eligible Employees, shall be determined basis level of the employee.
Upon a valid Exercise of a Vested Option by a Participant, each Vested Option will entitle the Participant to 1 (one) Share of the Company.
There shall be a minimum period of One Year between Grant of Options and Vesting of Options.
Every grant of RSU/PSU shall be governed by a vesting schedule and such other terms, as determined by the NRC at the time of each grant. The Options will Vest at a rate that is in line with achievement of key organizational performance metrics, as determined by the NRC.</in-capmkt:BriefDetailsOfSignificantTermsOfOptions><in-capmkt:DilutedEarningsPerSharePursuantToIssueOfEquitySharesOnExerciseOfOptions contextRef="I_VestingOfOptions">Diluted earning per share is Rs. 6.91. The same has been calculated using the Profit after tax June 2026 as the numerator and the weighted average number of diluted equity shares as the denominator plus full impact of these options 187164.</in-capmkt:DilutedEarningsPerSharePursuantToIssueOfEquitySharesOnExerciseOfOptions></xbrli:xbrl>
