“As a leader in the card space, we promised, we will be back with a bang. We are now pushing to not only acquire new customers but also enhance our existing card offerings , “said Parag Rao, Group Head – Payments, Consumer Finance, Digital Banking & IT, HDFC Bank.
“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.”
The Reserve Bank of India last year barred HDFC Bank from issuing new credit cards and launching new digital offerings following some glitches on its platform. Partial relief was given last month, reserve Bank of India Restrictions on issuance of credit cards lifted.
The bank aims to regain lost ground in the credit card market in the next three-four quarters. HDFC Bank had achieved the milestone of receiving 300,000 new cards every month in November last year. It aims to add 500,000 credit card customers every month over the next two quarters.
The Bank has charted an aggressive growth path to co-build its credit card portfolio with strong products and partnerships. The private lender recently partnered with India’s largest fintech company Paytm for payment, lending and point of sale solutions and is likely to have more such partnerships with many fintechs in the future.
The bank also announced the relaunch of 3 cards, HDFC Bank’s Millennia, MoneyBack+ and Freedom cards. The new card variants will be available to customers from October 2021.