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HDFC Bank's credit card base shrinks

Country's largest credit card issuer saw a sharp month-on-month decline in its base

The uncertain macroeconomic environment may have prompted HDFC Bank to go slow on expanding its credit card portfolio. For the first time in several months, the country’s largest credit card issuer saw a sharp month-on-month decline in its base. At the end of June this year, HDFC Bank’s portfolio had 5.94 million credit cards, the lowest since August 2012. At the end of May 2013, it stood at 6.56 million. The value of HDFC Bank credit card transactions through point-of-sale terminals fell from Rs 3,674 crore in May to Rs 3,350 crore in June. Between April 2011 and March ...