HDFC - Leading bank in the credit card business, reported a drop down in the business of credit card. Public sector banks have increased the issuance of the credit cards. It has been noticed that for the second continuous year there is a fall of 4% in the credit card business.
The HDFC bank still continues to be the largest credit card issuer. HDFC Bank's rivals including ICICI Bank, Axis Bank and State Bank of India increased their share by 2 percentage points during the period, according to the report. HDFC bank is leading with 5.13 million credit cards, ICICI bank at the second number with 3.09 million credit cards and SBI at the third number with 2.76 million credit cards.
However, the report said the growth rate is likely to be slow in the short term as large issuers focus on profitability and continue to weed out cards with lower activity. Whereas in terms of debit cards the SBI continues be the leading bank, with 58 millions debit cards issued in the fiscal year 2014.