HDFC Bank aims 3 lakh new credit cards per month

NEW DELHI:  Private sector lender HDFC Bank has drawn up plans to recover its lost market share across the card segment in the next three-four quarters after the Reserve Bank of India (RBI) lifted the ban on its new digital launches. 

In a media interaction on Monday, Parag Rao, Group Head – Payments, Consumer Finance, Digital Banking & IT, HDFC Bank, said that the bank aims to match the pre-Covid milestone of issuing new cards in the next three months. As of November 2020, prior to the embargo period, the bank would source three lakh new cards every month.

“When the restrictions from the regulator were in place, we utilised the time to chalk out a new strategy. With our new offerings as well as our existing suite of cards, we are confident to come back with a bang,” Rao added. 

The second milestone would be to take the monthly new card sales to five lakh a month which would help regain the entire market share by number of cards. HDFC Bank market share by number of cards had come down by around 2 percentage points to under 25%, as rivals ICICI Bank and SBI Cards had consistently gained share.