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35% Growth in Credit Card Business – HDFC Bank

August 6, 2008

HDFC Bank’s Credit Card division is upbeat on the Credit Card Business and expects to log a growth of 35% this year despite difficult macro environment in the banking industry.

HDFC Bank’s Credit Card is the second largest issuer of Credit Cards [Visa + Mastercard] in India. HDFC has followed a unique business model and has 70% of its customers from its own Bank. It has issued 4.2 million credit cards [ Visa + Mastercard in Gold, Platinum and Signature Series]

Mr. Rao, head of Credit Cards said,

We are number one currently on an incremental basis in the issue of new credit cards and are very positive about this segment growth over the next 24 months.

The bank is treating credit card as an entry level product after savings account and has still managed to have the lowest NPAs in the division and as a bank as whole as well.

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