Private lender HDFC Bank today announced that it is aiming to add five lakh new credit cards to its portfolio every month beginning February 2022. This is likely to help the bank in regaining its market share in the credit card issuing business in the next 9 to 12 months.
Besides, the lender has stated in its communique that it has planned over 20 initiatives that will be launched in the market in the next 6 to 9 months. These include the launch of new co-branded cards with the who’s who of Corporate India spanning pharma, travel, FMCG, hospitality, telecom and fintech. The bank has also revamped its existing range of cards over the past 9 months and is also ready with strategic partnerships with new companies.
“The last few months have been spent in readying ourselves for the future. 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 of meeting the needs of our customers and ‘come back with a bang’.” said Parag Rao, Group Head – Payments, Consumer Finance, Digital Banking & IT, HDFC Bank.
On August 18, the Reserve Bank of India (RBI) lifted its eight-month ban on HDFC Bank from issuing new credit cards. On 2 December, RBI restricted the bank from launching new digital banking initiatives and issuing new credit cards till it addresses the multiple outages in its internet and mobile banking systems over the previous two years.
HDFC Bank has about 3.67 crore debit cards, 1.48 crore credit cards and about 21.34 lakh acceptance points.