Which bank is the largest credit card issuer in india?
In recent years, the use of credit cards in India has seen significant growth, with more and more consumers turning to credit cards as a convenient and flexible payment option. As a result, credit card issuers have become an important part of the Indian financial landscape, providing consumers with a wide range of options for credit cards with various benefits and rewards. In this article, we will explore which bank is the largest credit card issuer in India.
Largest credit card issuer in india
According to data from the Reserve Bank of India, HDFC Bank is the largest credit card issuer in India. As of August 2021, HDFC Bank held a market share of 27.2% in terms of the number of credit cards issued, making it the largest credit card issuer in the country. The bank has consistently held this position for several years, reflecting its strong position in the Indian credit card market.
HDFC Bank offers a wide range of credit cards to meet the needs of different consumers. Its credit cards come with a variety of benefits, including cashback, reward points, travel benefits, and exclusive discounts on dining and shopping. HDFC Bank also offers co-branded credit cards in partnership with major brands such as Jet Airways, Times Points, and Regalia.
Second largest – State Bank of India (SBI)
State Bank of India (SBI) is the second-largest credit card issuer in India, with a market share of 17.9% as of August 2021. SBI has a strong presence in the Indian market, with a large network of branches and ATMs across the country. The bank offers a variety of credit cards with benefits such as cashback, reward points, and fuel surcharge waivers.
Third Largest – ICICI Bank
ICICI Bank is the third-largest credit card issuer in India, with a market share of 15.1% as of August 2021. The bank offers a wide range of credit cards with benefits such as cashback, reward points, travel benefits, and exclusive discounts on dining and shopping.
Other major credit card issuers in India include Axis Bank, Citibank, and American Express. These banks offer a range of credit cards with various benefits and rewards to meet the needs of different consumers.
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Conclusion
HDFC Bank is currently the largest credit card issuer in India, with a market share of over 27%. The bank offers a wide range of credit cards with various benefits and rewards to meet the needs of different consumers. However, it’s important to note that market shares can change over time, and consumers should evaluate the benefits and fees associated with each credit card before making a decision on which one to apply for.