The biggest private sector bank in India, HDFC Bank, has achieved a remarkable milestone: it has issued 20 million active credit cards, making it the first institution in the country to do so.
The bank began issuing debit cards in 2001 and had previously reached the 10-million threshold in 2017. It now controls a quarter of the whole card market.
Following this, the bank declared on January 16 that they had achieved 10 million issuances in little over six years.
HDFC Bank Surpasses 20 Million Credit Card Milestone, Leading Indian Market
The Order of Major Events
- 2001: HDFC Bank enters the credit card domain.
- 2017: Achieves the 10-million credit card mark.
- January 16, 2024: Hits the historic 20-million milestone.
According to data from the Reserve Bank of India, HDFC Bank had around 19.51 million cards in circulation in November 2023, which is a steady increase from the 19.18 million recorded in October 2023.
Credit cards provided by SBI Card, ICICI Bank, and Axis Bank follow the bank in terms of dominance in card issuing.
