ICICI gains at HDFC Bank’s expense, issues 665,000 incremental credit cards

After the Reserve Bank of India (RBI) stopped the country’s largest private lender, HDFC Bank, from issuing new late last year, its biggest competitor — — gained the most. At the end of February 2021, there were 61.6 million outstanding in the system, an increase of 1.5 million over November 2020, according to data.

Between November 2020 and February 2021, issued 665,000 incremental credit cards, which is 43.38 per cent of the cards issued. — which has the largest credit card base in the country — saw its outstanding fall by 189,000 in the same period. Axis Bank’s increased by 151,000, while State Bank of India — through SBI Cards and Payments — saw its outstanding credit cards increase by 445,000 in the same period.

Among other large private sector banks, IndusInd Bank’s credit card base increased by 24,720, YES saw an increase of 73,750 credit cards, Kotak Mahindra’s outstanding credit cards increased by 47,275, and IDFC First Bank saw its outstanding credit card go up by 131,000.


In early December last year, the directed to halt all its digital launches as well as new sourcing of credit card customers. The move came after the bank faced various outages due to technical glitches over the past two years.

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