HDFC Bank adds 4 lakh credit cards since ban lifted

HDFC Bank has added four lakh new credit cards since the RBI embargo on fresh issue of these was lifted on August 18. The country’s largest private bank said that it is targeting to

issue five lakh credit cards every month to regain the ground it had lost during an eight month ban. The private lender also announced the launch of three new cards, including

one that was targeted at young adults without much credit history. The three new

launches are HDFC Bank’s Millennia, MoneyBack+ and Freedom cards.

HDFC Bank’s group head (payments & consumer finance, digital banking & IT) Parag Rao said that the growth in digital payments reflected the extent of under-penetration of credit cards in India, which was a “fantastic opportunity”. “We expect the number of credit cards in India to soon cross 10 crores,” he said.