HDFC Bank Distributes 2 Crore Credit Cards – First in the Country; Shares Surge Amid Strong Purchase of Shares by Investors

Mumbai: HDFC Bank, a leading bank in the area, has made significant strides in the distribution of credit cards. Being the first bank in the country to distribute 2 crore credit cards, this achievement has also positively impacted the bank’s shares today.

The bank’s shares have seen a substantial increase as they were opened at a higher share price this morning, with an intraday rise of 2.2%. Currently, the bank’s shares are trading at Rs 1446.20 on the Bombay Stock Exchange (BSE), which is a 1.30% increase from the previous closing of Rs 1427.60 on Tuesday (January 23). SBI Bank Viral Video: Unexpected Guest… What Happened Next Will Shock You!

Credit Card Business Commenced in 2001

HDFC Bank initiated its credit card business in 2001, issuing the first credit cards that year. In 2017, the bank crossed the milestone of issuing 1 crore credit cards (CIF) and, within 6 years and 1 month, surpassed the 2 crore mark. The company announced this information through a press release on January 23.

HDFC Bank – Largest Credit Card Issuer

HDFC Bank issued the first credit card in 2001. According to the latest data as of March 2023, the bank holds the largest credit card business, with a market share of 28.6%. As per the recent RBIA data, the bank added 3.2 lakh cards in November, bringing the total outstanding cards to 1.95 crore. This number has now reached 2 crore, as announced by HDFC Bank through a press release. The bank’s monthly card spending range is between Rs 35,000 and Rs 45,000. As of December 2023, 8% of the loan book and transaction business is through long-term loans and credit cards.