HDFC Bank, a private sector financial institution, has achieved the distinction of being the first bank to surpass two crore credit cards in force (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 country’s largest private sector bank said in a press release on January 23.
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Established as a major credit card issuer in India, HDFC Bank initiated its credit card operations in 2001. Introducing its inaugural credit card, the bank accomplished the milestone of 1 crore cards-in-force in 2017. It managed to double this figure to 2 crores within just six years.
As of March 2023, HDFC Bank has the largest market share of the credit card business in India, accounting for 28.6 percent of the market, Moneycontrol reported.
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According to the latest RBI data, the bank added 3.2 lakh cards in November, taking the total number of cards outstanding to 1.95 crore, making it the largest card issuer in the country.
The bank’s monthly card spending ranges between Rs 35,000-45,000 crore.
As of December 2023, the bank’s payments business, which includes consumer durable loans and credit cards, accounted for 8 percent of retail assets.
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