India’s largest private sector bank, HDFC Bank, achieved the milestone of 2 crore credit cards in force (CIF) on Tuesday, becoming the first lender in the country to do so. 

HDFC Bank launched its first credit card in 2001. The private lender reached the milestone of 1 crore CIF 16 years later in 2017. 

According to the latest data by the Reserve Bank of India (RBI), HDFC Bank added 3.2 lakh cards in November 2023, taking the total number of cards outstanding to 1.95 crore. The bank achieved another 1 crore CIF in exactly 6 years and 1 month, reaching the 2 crore milestone. 

Some of the credit cards offered by HDFC Bank include HDFC Diners Club Black Credit Card, HDFC Diners Club Privilege Credit Card, HDFC Infinia Credit Card Metal Edition, HDFC Millennia Credit Card, HDFC Moneyback+ Credit Card, HDFC Regalia Credit Card, among others.

The lender’s payments business, which includes consumer durable loans and credit cards, accounted for 8% of retail assets as of December 30, 2023. The monthly card spending of the bank ranges between Rs 35,000 and 45,000 crore. 

As of March 31, 2023, HDFC Bank was amongst the leading card issuers in the country, with the largest market share of 28.6% of the credit card market in India.