HDFC Bank is the first bank to cross the milestone of 2 crore credit cards-in-force

Current Context: HDFC Bank has indeed become the first bank to cross the milestone of 2 crore credit cards-in-force on 23rd January 2024.

• The private sector lender started the credit card business in 2001 with the launch of its first credit card, reaching the mark of 1 crore cards-in-force in 2017.
• The bank doubled this to 2 crore cards in another six years.
• As of March 2023, HDFC Bank has the largest market share of the credit card business in India, accounting for 28.6 percent of the market.
• According to the latest RBI data, the bank added 3.2 lakh cards in November, taking the total number of cards outstanding to 1.95 crore.
• Monthly card spends for the bank are in the range of ₹35,000-45,000 crore.
• The bank’s payments business, including consumer durable loans and credit cards, accounted for 8 percent of retail assets as of December 2023.

Question:

Q.1 What was the market share of HDFC Bank in the credit card business in India as of March 2023?
a. 10%
b. 20%
c. 28.6%
d. 50%