HDFC Bank acquires 4 lakh credit card users post lifting of ban
The bank said its new strategy to recapture the lost market share in the credit card market
New Delhi: Private lender HDFC Bank on Wednesday said that it has issued a record number of 4 lakh credit cards after the central bank lifted a ban on issuing new cards last month.
The bank said its new strategy to recapture the lost market share in the credit card market incl-udes stronger products and partnerships, enhancing offerings on the existing cards, targeting the young population and going beyond the urban areas.
“The record issuance is as of September 21, 2021 and marks the aggressive growth path the bank has charted post the embargo to re-invent and co-create its credit cards portfolio with strong products and partnerships,” the bank said. “We are confident of recovering the lost ground in the next three to four quarters,” said Parag Rao, group head–payments, consumer finance, digital banking & IT, HDFC Bank.