HDFC Credit Card: A Game-Changer in the Distribution of Credit Cards
📈 HDFC Bank, the largest private sector lender in India, has made a significant impact in the distribution of credit cards. With a distribution of 2 crore credit cards, HDFC Bank has become the first bank in the country to achieve this milestone. The positive impact of this achievement is also reflected in the bank’s shares, which witnessed a substantial increase today.
💼 The shares of HDFC Bank have seen heavy buying today, with an intra-day gain of 1.5% after opening with a decline. Currently, the bank’s shares on the Bombay Stock Exchange (BSE) are trading at ₹1,446.20, a 1.30% increase from the previous closing of ₹1,427.60 on Tuesday (23rd January).
💳 The credit card business was initiated by HDFC Bank in 2001 when it issued its first credit card. In 2017, the bank crossed the milestone of issuing 1 crore credit cards. Just 6 years and 1 month later, the bank has now crossed the 2 crore mark in terms of CIF (Customer Information File) level, as stated in a press release on 23rd January.
🏦 HDFC Bank is the largest credit card issuer in India, with a market share of 28.6% and the biggest credit card business until March 2023. According to the latest numbers from the Reserve Bank of India (RBI), the bank added 3.2 lakh new cards in November, taking the total number of cards to 1.95 crore.
📊 In the press release, HDFC Bank mentioned that this number has now reached 2 crores. The bank’s monthly card expenditure ranges from ₹35,000 to ₹45,000. By December 2023, the retail asset business, which includes consumer durable loans and credit cards, accounted for 8% of the bank’s total retail business.
💡 This achievement by HDFC Bank in the credit card distribution business showcases the bank’s commitment to innovation and customer satisfaction. With its strong presence and continuous growth, HDFC Bank is set to dominate the credit card market in the coming years.
So, if you’re looking for a credit card that offers excellent benefits and reliable services, HDFC Credit Card should be your top choice! 💳🏦🌟
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