HDFC Bank said that it will make a ‘strong comeback’ and make up for the loss once the ‘temporary’ moratorium is lifted.
Mumbai. The country’s leading private bank HDFC Bank said on Wednesday that the ban imposed by the Reserve Bank of India on the sale of new credit cards has affected its market share. The bank said that once the “temporary” moratorium is lifted, it will make a “vigorous comeback” and make up for the loss.
Parag Rao, Head of Consumer Finance, Digital Banking and Information Technology, HDFC Bank, said the bank has used the last six months to “analyze, reconstruct and innovate” on the card business. The number of card holders of the bank is 1.55 crore.
The bank has faced a reduction in its market share by a few percentage points due to the ban, but internal actions have ensured that it maintains its market share in terms of expenses.
RBI imposed penalty on HDFC Bank in December
It is worth noting that in December last year, the Reserve Bank had imposed unprecedented fines on HDFC Bank for technical glitches, including a ban on issuing credit cards and launching new digital initiatives.
“We have made very aggressive plans to make a strong comeback in the market. You will see that HDFC Bank will not only get back the market share but will also increase its expenditure share in the market significantly.” Rao did not share any information about when the ban would be lifted.
