The leading issuer of credit cards in India, HDFC Bank has lost market share in credit card spending between December and January, although its peers have increased their share in the total credit card spend as the nine-month RBI ban on the bank which lifted was lifted in August 2021 still has a lasting impact. The bank is reported to have 16.04 million outstanding cards.
The latest report by the Reserve Bank of India has revealed that out of the total Rs 37,768 crore overall credit cards spends in India in the month of January 2022, HDFC Bank has a 24.76 percent market share, which is down from the 25.13 percent market share it had in December 2021.
Parag Rao, country head, payments, digital banking, and consumer finance at HDFC Bank said that though spending has decreased month on month, the bank is still witnessing an increase in book size quarter on quarter and new collaborations will help the bank increase spending.
