COMPANIES

No Data Found

NEWS

No Data Found
Advertisement
HDFC Bank targets issuing one million credit cards a month, says top exec

HDFC Bank targets issuing one million credit cards a month, says top exec

The bank wants to double the current pace of half a million new credit card issuances every month, according to Parag Rao, country head for payments business, consumer finance, digital banking and marketing

Business Today Desk
Business Today Desk
  • Updated Dec 19, 2022 6:32 PM IST
HDFC Bank targets issuing one million credit cards a month, says top execHDFC Bank targets issuing one million credit cards a month, says top exec (Photo: Reuters)

India’s largest private bank HDFC Bank Ltd is looking to issue a million credit cards a month, its top executive told Bloomberg.

The bank wants to double the current pace of half a million new credit card issuances every month, according to Parag Rao, country head for payments business, consumer finance, digital banking and marketing. The firm will announce partnerships across a range of industries from online retail to food delivery in the coming weeks to increase spending on cards, Rao said, Bloomberg reported on Monday.

Advertisement

This is a remarkable target for the Mumbai-headquartered lender after Reserve Bank of India banned it from taking on new card clients two years ago and lifted the ban in August 2021.

The RBI action came after the bank's customers faced a number of incidents of outages in internet banking, mobile banking, and payment utilities of the bank over the past two years.

The partnerships in the next few weeks also include two airlines and a large hotel chain, according to Rao. HDFC Bank is in the final stages of developing a new digital credit card to pull in younger customers, he added.

Also read: Indian markets trading at high valuations: HDFC AMC’s Chirag Setalvad

Also read: HDFC Bank stock ends flat amid BoFA’s buy call

Published on: Dec 19, 2022 6:32 PM IST
Post a comment0