HDFC Bank has become the first bank to cross the milestone of 2 crore credit cards-in-force, the bank said in a release.
The private sector lender started the credit card business in 2001 with the launch of its first credit card, reaching the mark of 1 crore cards-in-force in 2017. The bank doubled this to 2 crore cards in another six years.
HDFC Bank is amongst the leading card issuers in the country and has the largest market share of credit card business, totalling 28.6 per cent as of March 2023.
As per latest RBI data, HDFC Bank net added 3.2 lakh cards during November taking the total number of cards outstanding to 1.95 crore—making it the largest card issuer in the country. Monthly card spends for the bank are in the range of ₹35,000-45,000 crore.
The bank’s payments business, including consumer durable loans and credit cards, accounted for 8 per cent of retail asserts as of December 2023.