HDFC Bank on Wednesday announced that it issued a record 4 lakh credit cards after the Reserve Bank of India (RBI) partially lifted restrictions imposed on the private sector lender.
The central bank had in August lifted the partial ban on HDFC Bank allowing it to resume issuing credit cards. The embargo was enforced in December 2020. The curbs were imposed on the bank owing to multiple glitches in its internet and mobile banking systems over the past two years. The record issuance is as of September 21, 2021, and "marks the aggressive growth path the bank has charted post the embargo to re-invent and co-create its credit cards portfolio with strong products and partnerships," HDFC Bank said in a statement.
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The lender also announced the relaunch of three cards - HDFC Bank's Millennia, MoneyBack+ and Freedom cards, which it claimed have been reinvented to put more power into the hands of the customers, by adding a host of new features and benefits. "Creating and co-creating new card products is part of the Bank's strategy to straddle every customer segment; be it for Bharat or India," the statement further read.
"As a leader in the cards space, we promised, we'd be back with a bang. We are now pushing the pedal not only to acquire new customers, but also to enhance offerings of our existing cards," said Parag Rao, Group Head - Payments, Consumer Finance, Digital Banking & IT, HDFC Bank.
Also Read: 'Regain market share': HDFC Bank's credit card strategy after lifting of RBI's ban "Our strategy to re-invent, create and co-create has been crafted based on the analysis of customers' buying behaviour, the categories they spend on and the spend patterns. The months that we have spent readying and sharpening our strategy are now bearing fruit. We are ready to unveil best in class offerings and experience to our customers, just in time for festive season," he added.
The new card variants will be available to customers next month. Existing Freedom and Millennia card holders will also be able to enjoy the new benefits as well and will be notified by the bank regarding the same.