(*2*)Established as a serious bank card issuer in India, HDFC Bank initiated its bank card operations in 2001.
The financial institution’s month-to-month card spending ranges between Rs 35,000-45,000 crore.
HDFC Bank, a non-public sector monetary establishment, has achieved the excellence of being the primary financial institution to surpass two crore bank cards in drive (CIF).
“The bank started the credit card business in 2001 with the launch of its first credit card. It reached 1 crore CIF in 2017 and doubled the count to 2 crore in exactly 6 years and 1 month,” the nation’s largest personal sector financial institution mentioned in a press launch on January 23.
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Established as a serious bank card issuer in India, HDFC Bank initiated its bank card operations in 2001. Introducing its inaugural bank card, the financial institution achieved the milestone of 1 crore playing cards-in-drive in 2017. It managed to double this determine to 2 crores inside simply six years.
As of March 2023, HDFC Bank has the most important market share of the bank card enterprise in India, accounting for 28.6 % of the market, Moneycontrol reported.
Also Read: Decoding Credit Card Craze Of 2023, Navigating Road Ahead In 2024
According to the newest RBI information, the financial institution added 3.2 lakh playing cards in November, taking the entire variety of playing cards excellent to 1.95 crore, making it the most important card issuer within the nation.
The financial institution’s month-to-month card spending ranges between Rs 35,000-45,000 crore.
As of December 2023, the financial institution’s funds enterprise, which incorporates shopper sturdy loans and bank cards, accounted for 8 % of retail property.
