This reflects the aggressive growth that the private lender has made since then. This record continues till 21 September 2021.
HDFC Bank wanted to go back to its pre-embargo run rate of 300,000 credit cards per month, which they had planned to achieve over the next 2-3 months. After that, he expects to hit 500,000 credit cards per month by February 2022.
“As a leader in the card space, we promised, we will be back with a bang. We are now pushing not only to acquire new customers, but also to enhance our existing card offerings . Parag Rao, Group Head – Payments, Consumer Finance, Digital Banking & IT, HDFC Bank, as the saying goes.
The bank expects to achieve growth in the credit card business on the back of new tie-ups with several industrial sectors.
The bank has indicated that pre-embargo, open market customer acquisition was less than 20 per cent, which may now go up to 22-24 per cent. This is because the bank is rolling out several new initiatives in the coming months which include co-branded cards with pharma, travel, FMCG, hospitality, telecom and corporate India.
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“Our strategy of re-inventing, creating and co-creating is designed based on analysis of customers’ buying behaviour, categories they spend and spending patterns. The months we have spent preparing and sharpening our strategy are now paying off. We are geared up to bring best in class offers and experiences to our customers during the festive season.”
As of July (latest data), HDFC Bank has 14.76 million credit cards in the market. Its market share in outstanding credit cards declined by over 2 per cent due to restrictions imposed by the regulator.