HDFC Bank first lender to issue 20 million credit cards, shows data

HDFC Bank is the largest issuer of card issuers in the country, which commands over a fourth of the overall cards market in terms of numbers

HDFC Bank, India’s largest private sector bank, on Tuesday said it has become the first lender in the country to achieve the milestone of 20 million credit cards in force.

The lender forayed into the credit card business in 2001 and hit the 10-million mark in 2017.

The next 10 million issuances came in a little over six years. The milestone was achieved on 16 January, the company said,

“We have become the first and the only lender in the country to achieve this feat,” the company release said.

HDFC Bank is the largest issuer of card issuers in the country, which commands over a fourth of the overall card market in terms of numbers. 

According to the Reserve Bank of India data for November 2023, HDFC Bank’s cards in circulation stood at nearly 19.51 million as compared to 19.18 million cards in October 2023.

HDFC Bank is followed by SBI Card, ICICI Bank, and Axis Bank, in terms of the number of credit cards issued.

“This achievement reflects the enduring partnership between our bank and the community we serve. Every issued card represents our commitment and our shared journey towards financial empowerment, and we are dedicated to continuing this legacy of excellence in banking services,” Parag Rao, HDFC Bank’s group head for payments business, said.