Reserve Bank of India (RBI) has relaxed the restriction placed on sourcing new credit cards.
HDFC Bank, being the largest credit card issuer in the country with a card base of 14.8 million as of June 2021, has lost around 0.6 million cards since the embargo. After which the private lender HDFC Bank’s Managing Director and Chief Executive Officer Sashidhar Jagdishan in an email to over 1.2 lakh employees stated that it will come back with a bang as it seeks to win back lost market share in the credit segment.
Conceding that the bank has lost customer market share in over nine months of the ban, Chief Executive Officer Jagdishan said that the bank will go aggressively to the market with its existing products and also launch new ones in the form of co-brands and partnerships. He further stated that he is confident that they will regain and grow their customer market share and revenue market share in the time to come.
Jagdishan, acknowledging that there could be issues with the technology said that the bank has started building architecture to ensure its systems bounce back quickly while ensuring minimal inconvenience to their customers in the case of a challenge. The bank will demonstrate the technology transformation that it has embarked on in the coming months and the agenda would help it drive ambitious future growth plans.
The central bank in December had prohibitted HDFC Bank from launching new digital banking initiatives and issuing new credit cards until it addressed lapses that sparked multiple glitches in its internet and mobile banking systems over the previous two years.
