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HDFC Bank seeks to regain market share it lost in a year after RBI lifts credit card restrictions

Indian banking and financial services major HDFC Bank is looking to regain market share on the basis of number of cards in the next one year. The asset lender was last week allowed by the RBI to issue new credit cards, barred from doing so due to concerns over repeated technical outages for over eight months.

Parag Rao, Group Head, Payments and Consumer Finance, Digital Banking and IT, told the media that the bank has set some milestones for itself as it looks to re-enter the market. The first is to achieve monthly new credit card sales to 3 lakh, the number just before the ban in November 2020, Rao said, adding that it will be achieved in three months.

After two quarters of this, it aims to take monthly new card sales to 5 lakh per month, Rao said, adding that in three to four quarters from now, it plans to capture market share by number of cards. Rao said that during the ban, the bank lost its market share to many cards, but was able to maintain market share on initiatives taken by users to spend. The market share of the bank in terms of number of cards has declined by 2 per cent.

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