HDFC Bank issues 400,000 credit cards after regulator lifts embargo

The record issuance is as of September 21, 2021, and marks the aggressive growth path the bank has embarked on post the embargo

Private lender HDFC Bank has issued 400,000 credit cards since the embargo imposed by the Reserve Bank of India (RBI) was lifted in mid-August, surpassing the milestone it had set to initially get back to its pre-embargo run rate of issuing 300,000 cards per month.

The record issuance is as of September 21, 2021, the bank said. The lender had previously said its target was to issue 500,000 credit cards a month beginning February 2022, and regain its lost market share in the outstanding credit cards in the next 3-4 months.

Pre-embargo, HDFC Bank had a market share of 25.6