Indian banking and financial services major HDFC Bank is looking at winning back the market share by number of cards in the next one year. The lender by assets was allowed to issue new credit cards by the RBI last week, over eight months after being banned from doing so due to concerns over repeated technological outages.
Parag Rao, its group head for payments and consumer finance, digital banking and IT told before media that the bank has set some milestones for itself as it seeks to re-enter the market. The first is to achieve monthly new credit card sales to 3 lakh, the number right before the ban in November 2020, Rao said, adding that the same will be achieved in three months.
Two quarters after that, it aims to take the monthly new card sales to 5 lakh a month, Rao said, adding that in three to four quarters from now, it plans to regain the market share by the number of cards. Rao added that during the ban, the bank lost its market share by number of cards but was able to maintain the market share on initiatives taken to prod users to spend. The bank's market share by number of cards had come down by 2 percentage points
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