RBI ban on new credit cards sale hit market share; will come back with a bang once embargo lifted: HDFC Bank

The RBI’s ban on selling new credit cards has impacted market share on an incremental basis,
HDFC Bank said, promising to get back to the market “with a bang” once the “temporal” embargo is lifted and recoup the losses. The bank’s head of consumer finance, digital banking and information technology, Parag Rao, said that it has used the last six months to “introspect, re-engineer and innovate” about the cards business, where it has 15.5 million customers. The bank has lost its market share by a couple of percentage points because of the ban, but the actions taken internally have ensured that it continues to hold on to market share by spends, he said.