HDFC Bank gains 4 lakh new credit card users post lifting of RBI ban

Quickly ramping-up its credit card acquisition, HDFC Bank has issued 4 lakh new credit cards after the lifting of the ban by the RBI last month.

New Delhi:Quickly ramping-up its credit card acquisition, HDFC Bank has issued 4 lakh new credit cards after the lifting of the ban by the RBI last month.

HDFC Bank has made a record of over 4 lakh credit cards issuance since the embargo was lifted, the private sector lender said during a presser on Wednesday.

These new card issuances are as of September 21, 2021 and it marks bank's aggressive growth path that it has charted post the embargo to re-invent and co-create the credit cards portfolio with strong products and partnerships, HDFC bank said.

The Group Head of Payments, Consumer Finance, Digital Banking & IT at HDFC Bank, Parag Rao said the bank will ramp up its credit card acquisition very fast and will endeavour to regain the lost market soon.

He said the bank has achieved record high acquisition across customer segments and it is ready to disrupt the industry with its best in class cards across segments.

"We would like to ramp-up our acquisition very fast. We are very happy to announce that since the embargo was lifted and till the end of this month September, we would have exceeded 4 lakh incremental new card issuances in a very short period.

Read: HDFC Bank inks pact with Paytm to ramp up credit card issuance

"This to my mind is a very important milestone and I also believe it is the largest in the industry in a very short time...we will have a continuous growth strategy as we go forward," Rao said.

In mid August, the RBI partially lifted the ban on issuing new credit cards imposed on the bank in December last year due to repeated instances of technology outages. The RBI has continued with the restrictions on the new launches on the digital front on the lender.

PTI