Page 16 - Credit Card

HDFC Bank to issue 300,000 credit cards a month to regain lost market share

Will raise issuance to 500,000 credit cards per month beginning February 2022

HDFC Bank aims to issue 300,000 credit cards per month from next quarter

HDFC Bank is looking at winning back the market share by number of cards in the next one year, a senior official said on Monday. The largest private sector lender by assets was allowed to issue new credit cards by the RBI last week, over eight months after being banned from doing so due to concerns over repeated technological outages. Parag Rao, its group head for payments and consumer finance, digital banking and IT told reporters that the bank has set some milestones for itself as it seeks to re-enter the market. The first is to achieve monthly new credit card sales to 3 lakh, the number right before the ban in November 2020, Rao said, adding that the same will be achieved in three months. Two quarters after that, it aims to take the monthly new card sales to 5 lakh a month, Rao said, adding that in three to four quarters from now, it plans to regain the market share by number of cards. Rao added that during the ban, the bank lost its market share by number of cards but was able

Will come back with a bang in credit cards: HDFC Bank CEO Jagdishan

'I am confident that we will regain and grow our customer market share and revenue market share in the time to come,' says HDFC Bank CEO

Lifting of credit card ban may spark up to 32% rally in HDFC Bank: Analysts

The scrip surged 3 per cent at Rs 1,564.75 on the BSE in intra-day trade on Wednesday and was among the top gainers on the BSE barometer

HDFC Bank can rally 11% to a new high of Rs 1,750, suggest tech charts

Once the hurdle mark is decisively conquered on the higher side, the upside rally may see a new all-time high

HDFC Bank shares gain as RBI lifts curbs on new credit card issuances

Shares of HDFC Bank on Wednesday rose nearly two per cent in early trade as investors cheered the Reserve Bank's decision to allow the lender to issue new credit cards. With the lifting of the eight-month-long ban on HDFC Bank with respect to selling new credit cards, its shares climbed 1.61 per cent to Rs 1,539.10 apiece after opening at Rs 1,550. The scrip touched an intra-day high of Rs 1,564.75 apiece on the BSE. The market capitalisation stood at Rs 8,51,282.53 crore. On the NSE too, similar trends were witnessed as the shares gained 1.60 per cent to Rs 1,538.95 and reached an intra-day high of Rs 1,565.35. The scrip opened at Rs 1,556.70 apiece. In a regulatory filing on Wednesday, HDFC Bank said the Reserve Bank of India (RBI), through its letter dated August 17, has relaxed the restriction placed on sourcing of new credit cards. The central bank had issued orders in December and February to HDFC Bank on certain incidents of outages in the internet banking /mobile banking/

HDFC Bank gains 3% as RBI allows lender to issue new credit cards

However, RBI's ban on the bank introducing new digital initiatives will continue

HDFC Bank can start issuing credit cards again as RBI eases curbs

Ban on Digital 2.0 programme continues; bank ready with aggressive plan

RBI allows HDFC Bank to issue new credit cards: Report

However, RBI's ban on the bank introducing new digital initiatives will continue, a source told Reuters

Mastercard profit beats estimates on consumer spending, travel boost

Mastercard saw improved strength in travel between the Unites States and Latin America, as well as an increase in travel within Europe, Miebach said on a conference call.

Should you ditch your credit card and consider 'buy now, pay later'?

Several players, such as LazyPay, Capital Float, and ZestMoney, to name a few, offer it

ICICI Bank ups ante in credit card space with fuel discount offering

Upping its game in the credit card market where it has been closing in on its bigger rival HDFC Bank, ICICI Bank on Tuesday launched a co-branded offering that gives discounts on fuel purchases.

RBI's move to ban Mastercard from issuing new cards may hit 5 private banks

Bajaj Finserv and SBI Cards also impacted

Credit card buys seen 8% lower in Apr-June quarter, say analysts

Among players in the credit card segment, HDFC Bank, despite a ban on issuing new credit cards, retained a sizeable, and, perhaps, the lar­gest market share in spends, at 27 per cent in May.

Magma Fincorp plans to enter into co-branded credit card business

Magma Fincorp on Friday said it plans to enter into an arrangement for issuance of co-branded credit cards

RBI ban on new credit cards sale hit market share, says HDFC Bank

The bank promised to get back to the market "with a bang" once the "temporal" embargo is lifted

Half of India's working population of 400 mn people credit active: Report

Credit institutions are fast approaching a saturation level in new customers as over half of the borrowers are from the existing customer base of a bank: report

PE major Carlyle to sell 5.1% stake in SBI Cards on Friday

A total of 48 million shares of the credit card company will be on offer in the range between Rs 1,002 to Rs 1,041.3 per share

HDFC Bank draws up groundwork to regain credit card market share

Will come back with a bang once RBI lifts freeze, says bank

Amazon explores replacing JPMorgan as issuer of co-brand credit card

American Express Co. and Synchrony Financial are among those bidding on the portfolio.