HDFC Bank, India’s largest private sector bank, announced that it has achieved the historical milestone of 2 crore Credit Cards in Force (CIF). With this, the Bank has become the first and currently the only Bank in the country to achieve this feat.
HDFC Bank started the credit card business in 2001 with the launch of its first credit card. The Bank reached the milestone of 1 crore CIF in 2017, a journey that has spanned approximately 16 years. HDFC Bank doubled this CIF count to 2 crore in exactly 6 years and 1 month.
Mr. Parag Rao, Group Head – Payments, Consumer Finance, Marketing, Liability Product Group, TPP, ABCP, Non-Resident Products, GIB and Gig Banking – HDFC Bank said, “As we achieve this remarkable milestone of issuing 2 crore credit cards, we extend our gratitude to our valued customers for their trust and loyalty. 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.”
HDFC Bank is amongst the leading card issuers in the country and has the largest market share of credit card business, totalling 28.6% as of 31st March 2023.