ICICI Bank has become one of the biggest credit card-issuing banks in India. According to the RBI data, the total number of ICICI Bank credit cards surged to 11.03 million as of June 2021, just behind HDFC and SBI.
There was an increase to more than 1.32 million compared to November 2020. In fact, there were approximately more than 9.91 million active ICICI Bank credit card users in 2022, as per a report.
One of the main reasons for this surge was the personalised offers that ICICI Bank credit cards provide. This hike was also because the RBI had banned HDFC Bank from accepting new credit card applications.
In July 2022, ICICI Bank credit cards grew by 2.2 Lakhs. State Bank of India (SBI) was the only bank that added more customers in the same month. The bank posted a 142-basis points growth in market capitalisation in September over August 2022. The main reason behind this thrust was the constant rise in ICICI Bank credit card customers.
As per the latest RBI data from January 2023, ICICI Bank continues to expand its credit card customer base. In fact, the bank acquired 1.3 Lakh more customers in December 2022, with a credit card market share of 17%.