Private sector lender, HDFC Bank on September 29 said it has issued over four lakh credit cards since the embargo by the Reserve Bank of India (RBI) was lifted.
"The record issuance is as of September 21, 2021, and marks the aggressive growth path the Bank has charted post the embargo to re-invent and co-create its credit cards portfolio with strong products and partnerships," the bank said in a statement.
In December last year, the RBI imposed a ban on HDFC Bank for new digital launches following multiple digital outages over the last two years. The embargo was lifted in August this year.
Also, HDFC Bank announced the relaunch of three cards. "HDFC Bank’s Millennia, MoneyBack+ and Freedom cards have been reinvented to put more power into the hands of the customers, by adding a host of new features and benefits. Creating and co-creating new card products is part of the Bank’s strategy to straddle every customer segment; be it for Bharat or India," the bank said.
The new card variants will be available to customers in October’21. Existing Freedom and Millennia card holders will also be able to enjoy the new benefits as well and will be notified by the bank regarding the same, the bank said.
“As a leader in the cards space, we promised, we’d be back with a bang. We are now pushing the pedal not only to acquire new customers, but also to enhance offerings of our existing cards,” said Parag Rao, Group Head – Payments, Consumer Finance, Digital Banking & IT, HDFC Bank.
“Our strategy to re-invent, create and co-create has been crafted based on the analysis of customers’ buying behaviour, the categories they spend on and the spend patterns. The months that we have spent readying and sharpening our strategy are now bearing fruit. We are ready to unveil best in class offerings and experience to our customers, just in time for festive season,” Rao said.
The Reserve Bank of India had conducted a third-party audit of HDFC bank's IT infrastructure after imposing the ban. The embargo was lifted after the audit firm submitted its report giving its go-ahead.