HDFC Bank plans to issue 3 lakh credit cards a month

Private lender HDFC Bank is looking at winning back the market share by number of cards in the next one year, a senior official said on Monday. The largest private sector lender by assets was allowed to issue new credit cards by the RBI last week, over eight months after being banned from doing so due to concerns over repeated technological outages.

Parag Rao, its group head for payments and consumer finance, digital banking, and IT said that the bank has set some milestones for itself as it seeks to re-enter the market.

The first is to achieve monthly new credit card sales to 3 lakh, the number right before the ban in November 2020, Rao said, adding that the same will be achieved in three months.

Rao said that the bank's focus will continue to remain on issuing cards to our bank customers only, adding, “ the share of non-bank card customers will remain less than 25%.”

The bank scrip was trading 0.57 per cent up at ₹1,522.95 a piece on BSE at 1318 hrs as against gains of 0.43 per cent on the benchmark.