Milestone Mania! HDFC Bank becomes first bank in India to cross 2 crore active credit cards

24 Jan 2024 , 11:02 AM

The first bank to issue two crore credit cards was HDFC Bank, a private sector lender.

‘In 2001, the bank introduced its first credit card, launching the credit card industry. In precisely six years and one month, it doubled to two crore CIF from 1 crore in 2017,’ the largest private sector bank in the nation stated in a press release on January 23.

Having launched its credit card business in 2001, HDFC Bank is a well-known credit card provider in India. In 2017, it celebrated the launch of its first credit card and hit the one crore cards in circulation milestone.

With a market share of 28.6% of the Indian credit card industry as of March 2023, HDFC Bank leads the industry. The bank became the nation’s top card issuer when it added 3.2 lakh cards in November, bringing the total number of cards in circulation to 1.95 crore, according to the most recent RBI data.

The bank charges between Rs 35,000 and Rs 45,000 crore on cards each month. Eight percent of the bank’s retail assets were made up of credit cards and consumer durable loans as of December 2023, which is the payments business.

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