- By Aditya Pratap Singh
- Wed, 24 Jan 2024 12:47 PM (IST)
- Source:JND
HDFC Bank Credit Card: HDFC Bank, India's biggest private sector lender, has become the first bank to cross two crore credit cards in force.
In a press release, the bank said that it started the credit card business in 2001 with the launch of its first credit card. In 2017, the credit card circulation reached 1 and the numbers doubled to 2 crore in exactly 6 years and 1 month.
As per Moneycontrol's report, HDFC Bank has the largest market share in the credit card business in India as of March 2023, accounting for 28.6 per cent of the total market share.
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The private sector lender added 3.2 lakh card holders in November, which took the total number of cards to 1.95 crore. Hence, HDFC became the largest card issuer in the country, As per RBI's data.
The monthly spending on bank cards ranges between Rs 35,000-45,000 crores. HDFC's payments business including consumer durables and credit cards, accounted for 8 percent of its retail assets as of December 2023.
HDFC bank Shares
After a disappointing December quarter result, the shares of HDFC Bank tanked about 8 per cent in the last 5 days. The plunge in private lender shares has created a downward trend in Bank Nifty and other indices as well.
