Wednesday, January 24, 2024

First bank to reach the 2-crore credit card milestone is HDFC


 MUMBAI: HDFC has turned into the primary bank to accomplish an achievement of two crore Visas in force, the organization said in a proclamation. With 9.6 million cards issued by banks, the private lender has a roughly 21 percent market share, according to RBI data. As of March 31, 2023, the bank said it would have a 28.6% share of spends.

HDFC Bank was the last among the significant banks to send off charge cards. While SBI sent off its card business in 1997, ICICI Bank continued in 2000, and HDFC Bank sent off its card business in 2001. The bank started by zeroing in to a great extent on its current buyer base, fabricated a huge dealer securing business and reliably developed its portfolio in any event, when different banks dialed back following the worldwide monetary emergency.

Citibank overwhelmed the Mastercard business in India during the '90s. Unfamiliar banks lost portion of the overall industry as confidential banks picked circulation across the country.

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