India nears 11 crore credit cards amid HDFC, SBI, ICICI leading the expansion race
Major banks in India are aggressively expanding their credit card portfolios as the market anticipates stabilisation in unsecured loans
In January, major Indian banks aggressively expanded their credit card portfolios, accounting for nearly 90% of all new cards issued, according to data from the Reserve Bank of India (RBI). HDFC Bank, SBI Cards, and ICICI Bank were the top issuers contributing to a year-on-year growth of 9.5% in the total number of credit cards in India, now standing at 10.89 crore, The Economic Times reported.
The industry added 8.2 lakh new credit cards in January, led by HDFC Bank with 3 lakh cards, followed by SBI Cards (2.4 lakh) and ICICI Bank (1.8 lakh).
Despite the surge in card issuance by major banks, smaller institutions remained cautious, issuing only 1 lakh new credit cards. This caution is attributed to rising delinquencies and the RBI's stringent risk-weight regulations.