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HDFC Bank eyes 500K cards a mth by Feb, ‘restaging existing products’

The bank plans to get back to its pre-embargo run rate of 300,000 cards a month in next two-three months

By: ENS Economic Bureau | Mumbai |
August 24, 2021 3:25:49 am
HDFC bank, hdfc bank card, hdfc, indian express, indian express news, economy newsThe bank it will look to issue 500,000 credit cards every month starting February 2022, it said. (Photo by Abhijit Bhatlekar/Bloomberg News)

HDFC Bank is aiming to regain its lost market share across card segments in the next three-four quarters after the RBI lifted the ban on new card launches.

The bank plans to get back to its pre-embargo run rate of issuing 300,000 cards a month in the next 2-3 months. Immediately after that, it will look to issue 500,000 credit cards every month starting February 2022, it said.

According to Parag Rao, group head—payments, consumer finance, digital banking & IT, HDFC Bank, the lender took the embargo period as an “opportunity to relook into the strategy, product portfolio and customer spends to ensure the HDFC Bank card becomes the preferred card for the customers to spend”.

He said it is expecting to regain its lost market share in the outstanding credit cards space in the next 3-4 quarters. The bank had 15.38 million outstanding credit cards in the market at the end of last November (pre-embargo), but this number fell to around 14.82 million at the end of June.

Rao said HDFC Bank is looking to launch new products and cards to tap new segments where there are gaps in the existing portfolio. “We will be also doing restaging existing products — strengthening old products and spruce them up with relevant changes,” he said.

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