Current Affairs   »   Banking Current Affairs 2022   »   HDFC leads credit card market while...

HDFC leads credit card market while SBI tops chart in debit card market

The State Bank Of India (SBI) , the largest bank in the nation, maintained its leadership position in the debit card market and HDFC Bank in the credit card market as of June 2022, according to the most recent data, despite a 6% decline in year-over-year growth. According to data compiled by PGA Labs, public sector banks hold a larger percentage of the debit card market than private banks, whereas reverze in the Credit card market.. Bank of Baroda came in second with an 8% market share, followed by Bank of India, Canara Bank Union Bank, and Punjab National Bank, each with 5%.

Bank Maha Pack includes Live Batches, Test Series, Video Lectures & eBooks

State Bank Of India (SBI) and HDFC Bank: Debit Card and credit card markets

  • PSU banks dominate the debit card market, HDFC Bank and Axis Bank saw the highest year-over-year growth rates in the sector, at 19% and 18%, respectively.
  • HDFC Bank with a market share of 22%, also led the way in the credit cards category, followed by State Bank Of India (SBI) (18%), ICICI Bank (17%), Axis Bank (12%), RBL Bank (5%), and Kotak Mahindra Bank (5%).
  • Kotak Mahindra Bank only has a 5% market share in the credit card industry, it grew by 64% year over year in the month of June.
  • According to figures issued by the Reserve Bank of India, credit card spending was Rs 1.09 trillion for the month, a decrease of 4.34% month-over-month (RBI). However, spending increased 73% year over year.

State Bank Of India (SBI) and HDFC Bank: Record breaking Credit Card Spending

  • Spending on credit cards reached a record-breaking Rs 1.14 trillion in May.
  • In June, the banking system added more than 1.84 million credit cards, bringing the total number of active credit cards in the system to 78.72 million.
  • HDFC Bank,the largest card issuer in the nation, added 386,487 cards in June. Kotak Mahindra Bank came in second with 262,942 cards, followed by Axis Bank with 228,933 cards, ICICI Bank with 190,490 cards, and State Bank Of India (SBI) Card with State Bank Of India (SBI) Card (166,976).
  • The RBI’s decision to permit HDFC Bank to issue new credit cards in August of last year is mostly to blame for the increase in the rate of card additions.
  • The RBI has threatened to stop the bank from issuing new cards for eight months starting in December 2020.

The data also show that premium credit cards like American Express and CITI, which have negative YoY growth rates of -8% and -2, respectively, are losing market share. According to PGA Data, the two banks have a 5% market share combined.

State Bank Of India (SBI) and HDFC Bank: Important Takeaways

  • Chairman of State Bank of India (SBI): Shri Dinesh Kumar Khara
  • Chairman of HDFC Bank: Deepak Parekh

Find More News Related to BankingHDFC leads credit card market while SBI tops chart in debit card market_50.1

Thank You, Your details have been submitted we will get back to you.

Leave a comment

Your email address will not be published. Required fields are marked *