Private sector financial institution HDFC Bank has achieved the distinction of being the first bank to cross two crore Credit Card Inforce (CIF).

“The Bank started the credit card business in 2001 by launching its first credit card. It reached 1 crore CIF in 2017 and in exactly 6 years and 1 month this number doubled to 2 crore,” the country’s largest private sector bank said in a press release on January 23.

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Established as a leading credit card issuer in India, HDFC Bank started its credit card operations in 2001. Launching its inaugural credit card, the bank achieved the milestone of 1 crore card-issues in 2017. It managed to double this figure to 2. Crores within just 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. moncontrol informed of.

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According to the latest RBI data, the bank added 3.2 lakh cards in November, taking the total number of outstanding cards to 1.95 crore, making it the largest card issuer in the country.

The bank’s monthly card spend is between Rs 35,000-45,000 crore.

As of December 2023, the bank’s payments business, which includes consumer durable loans and credit cards, accounted for 8 per cent of retail assets.