HDFC Bank, India’s largest private sector bank, has reached a significant milestone by becoming the first bank in the country to have 20 million active credit cards.
Journey into Credit Card Business
The bank entered the credit card business in 2001 and reached the 10-million mark in 2017. Subsequently, the next 10 million credit cards were issued in just over six years.
Historic Achievement on January 16, 2024
HDFC Bank accomplished this milestone on January 16, 2024, making it the sole lender in India to achieve such a feat. The bank holds a prominent position as the largest issuer of credit cards in the country, commanding more than a fourth of the overall card market.
Leading the Card Market
As per Reserve Bank of India data from November 2023, HDFC Bank had nearly 19.51 million credit cards in circulation, surpassing 19.18 million in October 2023. In terms of the number of credit cards issued, HDFC Bank is ahead of competitors such as SBI Card, ICICI Bank, and Axis Bank.
Commitment to Financial Empowerment
Parag Rao, HDFC Bank’s group head for payments business, expressed pride in this achievement, emphasizing the enduring partnership between the bank and the community. He highlighted that each issued card represents a commitment to financial empowerment and a shared journey towards excellence in banking services. The bank is dedicated to continuing this legacy of providing outstanding services.
