HDFC Bank on Monday said it aims to regain the two per cent market share in the credit card market it ceded to rivals during a recent ban, within a year by aggressively tapping into its existing depositor base. The bank will also focus on forging new partnerships to sell more cards and will not deviate from its conservative approach on taking credit risks as it goes aggressive in the market, its group head for payments and consumer finance, digital banking and IT, Parag Rao, told reporters.
On August 17, RBI lifted the ban on HDFC Bank which had prevented it from issuing new credit cards from December 2020. However, the restrictions on launching new digital initiatives are yet to be lifted. Its smaller rivals, including ICICI Bank and SBI Card, have utilised the opportunity created by HDFC Bank’s absence to narrow the gap with the market leader in the last eight months.