HDFC Bank has ramped up issuing of credit cards after the Reserve Bank of India (RBI) lifted the ban last month. The bank has issued record 4 lakh credit cards since the embargo was lifted, the private sector lender said in a statement on Wednesday.
These new card issuances are as of September 21, 2021. Parag Rao; Group Head of Payments, Consumer Finance, Digital Banking & IT at HDFC Bank; said the bank will ramp up its credit card acquisition very fast and will endeavour to regain the lost market soon.
According to him, 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.
Rao said, "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.”
"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."
In 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 banking regulator has continued with the restrictions on the new launches on the digital front on the lender.