SBI Cards have won HDFC bank In issuing incremental cards in the festival month of October. HDFC Bank, still the segment leader in the country, slipped back to fourth place in adding new credit cards – less than 220,000 – in October. SBI Cards added 340,000 customers.

axis Bank260,000 on and ICICI BankAt a little over 220,000, it overtook HDFC Bank, India’s most valuable lender, in incremental additions.

In terms of total credit cards, HDFC Bank remained the market leader with 16.5 million credit cards, followed by SBI Cards at 15.1 million. ICICI Bank, with 13.5 million and Axis Bank, with over 9 million, are the other major players in this segment.

according to an analysis done by IDBI Capital, HDFC Bank reported a market share decline of 216 basis points over the past 12 months, while Kotak Mahindra Bank It increased its market share by approximately 180 basis points during the same period. Kotak is now the fifth largest credit card player with a market share of 5.7%. “Despite the strong growth, we expect the numbers to remain volatile over the next few months as companies report data as per the central bank’s revised guidelines,” said Bunty Chawla, analyst at IDBI Capital. “Going forward, we expect card spends to moderate marginally due to the end of the festive season.”

The total number of cards in use bounced back in October after declining in the previous two months. reserve Bank of India (reserve Bank of India) ordered banks to deactivate cards that were inactive for a year.

While HDFC Bank closed over 100,000 cards in September, Axis Bank closed over 54,000 and SBI Cards closed around 3,000 such devices.

The RBI rule states that if the credit card has not been used for more than a year, the process of closure of the card will be initiated after intimating the cardholder. If no response is received from the Cardholder within 30 days, the Card Account will be closed by the Card issuer, provided all dues are paid.