HDFC Bank, India’s largest private sector lender, has marked a historic achievement by becoming the first bank to surpass 2 crore active credit cards in force. The journey began in 2001 with the launch of its first credit card, and within exactly six years and one month from hitting the 1 crore milestone in 2017, the bank doubled its numbers to an impressive 2 crores.
As of March 2023, HDFC Bank holds the lion’s share in the credit card business in India, boasting a substantial 28.6% of the total market share, according to a report by Moneycontrol.
In November alone, HDFC Bank added 3.2 lakh new cardholders, propelling the total number of credit cards issued to 1.95 crores. With this, HDFC Bank has secured its position as the largest card issuer in the country, as confirmed by data from the Reserve Bank of India (RBI).
The monthly spending on HDFC Bank cards contributes significantly to the economy, ranging between Rs 35,000-45,000 crores. The bank’s payments business, inclusive of consumer durables and credit cards, currently accounts for 8 percent of its retail assets as of December 2023.
However, it’s worth noting that after a disappointing December quarter result, HDFC Bank’s shares experienced an approximately 8 percent decline over the last five days. This downturn in the private lender’s shares has impacted the Bank Nifty and other indices, creating a notable market trend.
This achievement by HDFC Bank not only reinforces its dominance in the credit card sector but also underscores the significant role it plays in shaping India’s financial landscape.
