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January 15, 2014

HDFC Bank plans to expand credit cards portfolio in 2014

India-based HDFC Bank is planning to expand credit cards portfolio in 2014 by issuing around one million credit cards in the country.

By Verdict Staff

India-based HDFC Bank is planning to expand credit cards portfolio in 2014 by issuing around one million credit cards in the country.

HDFC Bank senior executive vice-president and card payment products and merchant acquiring services business head,Parag Rao, was quoted by Business Standard as saying that they will leverage on their strong distribution network and liability base to expand their cards portfolio.

"We are seeing incremental growth of 75,000-80,000 cards every month and plan to add a million new cards in the next 12 months," Rao added.

HDFC credit cards account for a third of the total credit cards in India, having a base of 5.12 million cards as at the end of November 2013.

According to the Reserve Bank of India (RBI) data, the credit card sales of HDFC Bank have declined in the last few months.

Rao said the decline was due to portfolio restructuring.

"We have a strong risk management system, our data mining is robust and we mostly offer cards to customers with whom we have already established a banking relationship," Rao added.

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