HDFC Bank is aiming to regain its misplaced market share throughout card segments within the subsequent three-four quarters after the RBI lifted the ban on new card launches.
The financial institution plans to get again to its pre-embargo run fee of issuing 300,000 playing cards a month within the subsequent 2-3 months. Immediately after that, it is going to look to challenge 500,000 bank cards each month beginning February 2022, it mentioned.
According to Parag Rao, group head—funds, shopper finance, digital banking & IT, HDFC Bank, the lender took the embargo interval as an “opportunity to relook into the strategy, product portfolio and customer spends to ensure the HDFC Bank card becomes the preferred card for the customers to spend”.
He mentioned it’s anticipating to regain its misplaced market share within the excellent bank cards area within the subsequent 3-4 quarters. The financial institution had 15.38 million excellent bank cards out there on the finish of final November (pre-embargo), however this quantity fell to round 14.82 million on the finish of June.
Rao mentioned HDFC Bank is trying to launch new merchandise and playing cards to faucet new segments the place there are gaps within the present portfolio. “We will be also doing restaging existing products — strengthening old products and spruce them up with relevant changes,” he mentioned.
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