Amex and HSBC Top Credit Card Additions Among Foreign Banks in FY25

In a strong rebound from previous declines, foreign banks such as HSBC and American Express have emerged as leaders in net credit card additions in FY25, according to the latest data from the Reserve Bank of India (RBI). HSBC added 216,997 cards, while American Express added 107,086 cards, reflecting renewed momentum in consumer credit demand. This surge comes amid a broader industry expansion, with over 8 million credit cards added across all banks in FY25.

Why in News?

On May 7, 2025, RBI released data highlighting that HSBC and American Express topped net credit card additions among foreign banks in FY25. This marks a sharp turnaround for American Express, which had previously witnessed a decline in card base. The banking industry, in total, issued 8+ million new credit cards, reflecting rising consumer credit appetite and digital payment adoption.

Key Highlights

• HSBC: Net addition of 216,997 credit cards in FY25 (after a decline of 38,693 cards in FY24).
• American Express (Amex): Net addition of 107,086 cards in FY25 (compared to just 11,450 cards in FY24).
• Standard Chartered: Saw a decline of 158,322 cards in FY25.
• Industry Total: Over 8 million credit cards added in FY25.

Background

• In earlier years, foreign banks faced challenges in expanding their credit card base in India due to limited branch presence, regulatory hurdles, and aggressive competition from domestic banks.
• American Express, in particular, had been under RBI restrictions in 2021 for non-compliance with data localization norms, which was later lifted.

Aim & Objectives of Expansion

• Capture rising demand for digital payments and consumer credit in India’s growing middle class.
• Strengthen market share in the premium customer segment.
• Align with India’s fintech ecosystem growth and cashless economy drive.

Significance

• Reflects revival of foreign banks’ retail focus in India.
• Indicates rising consumer confidence and economic recovery.
• Demonstrates India’s growing credit-driven consumption trend.