HDFC Bank aims to recoup credit card spend market share loss

Since August 2021, HDFC Bank's market share - in terms of spend - is down 170-basis points (bps).

HDFC Bank, the largest issuer of credit cards in the country, expects to see benefits of the new cards it has issued post the Reserve Bank of India (RBI)  embargo from this month itself.

This is because there is a 6-8 months lag for spends to pick up on new cards, said Parag Rao, country head, payments business, digital banking & consumer finance, HDFC Bank.

Despite the RBI lifting embargo on HDFC Bank for issuing new credit cards in August 2021, the bank has not been able to recoup its market share in credit card spends. Since August 2021, HDFC Bank’s market