HDFC becomes the first bank to achieve the milestone of 2 crore credit cards. india business news
Mumbai: HDFC becomes the first bank to achieve this feat milestone worth two crores Credit Card This is in effect, the company said in a statement. According to RBI dataWith a total of 9.6 crore cards issued by banks, the private lender has a market share Of about 21%. The bank said its share in the expenditure till March 31, 2023 was 28.6%.
HDFC Bank was the last among the major banks to launch credit cards. While SBI started its card business in 1997, ICICI Bank followed in 2000, and HDFC Bank started its card business in 2001. The bank started by focusing largely on its existing consumer base. , built a large merchant acquisition business and steadily grew its portfolio, even when other banks slowed due to the global financial crisis.
Citibank dominated the credit card business in India in the 90s. Foreign banks lost market share as private banks adopted nationwide distribution.
HDFC Bank was the last among the major banks to launch credit cards. While SBI started its card business in 1997, ICICI Bank followed in 2000, and HDFC Bank started its card business in 2001. The bank started by focusing largely on its existing consumer base. , built a large merchant acquisition business and steadily grew its portfolio, even when other banks slowed due to the global financial crisis.
Citibank dominated the credit card business in India in the 90s. Foreign banks lost market share as private banks adopted nationwide distribution.
