Hdfc May Review Card Rate

HDFC Bank today said it would review its offer to charge the lowest interest rate on credit card outstandings even as State Bank of India (SBI) announced its intention to grab the top slot among credit card issuers by the end of the year.

At present, Standard Chartered Bank is the largest issuer of credit cards in India, while SBI, through a joint venture is in second place, with 15 per cent market share.

Speaking on the sidelines of an accounting seminar organised by Controller General of Accounts and the World Bank, HDFC Bank chief executive Aditya Puri said the bank which reduced interest rates on credit card advances to 2.6 per cent a month may be forced to revert to charging higher rates if its customer base did not rise significantly in the next few months.