New Delhi: The Reserve Bank of India (RBI) has banned HDFC Bank from issuing new credit cards after it complained of a technical glitch on its online platform. ICICI Bank, SBI Card and Axis are benefiting.
ICICI Bank continues to take advantage of the situation
ICICI Bank is at the forefront to take advantage of this situation. ICICI Bank has spent ten per cent more on new credit cards in January 2021 than in December. Newly issued cards from ICICI may increase by three per cent. While its share of the entire credit card market has increased by 1.5 per cent. ICICI Bank had issued one crore cards till January. Analysts say ICICI Bank would have benefited the most from the ban on HDFC cards. Indeed, it is in the card segment itself, which is developing the most. Because mortgage base loans have slowed down. SBI cards have also increased by one basis point.
SBI and Axis Bank also benefit
There has also been an increase in cards issued by Axis Bank. Its card base has grown to 69 lakh. At the same time, there has been an increase in SBI cards. In December, the number of cards issued by it was 1.14 crore, but in January this number has increased to 1.16 crore. Axis has benefited from this. HDFC Bank has a market share of 35 to 40 per cent in the payment market. Credit cards account for 25 percent. At the time of pre-covid, Axis HDFC Bank was issuing two lakh credit cards per month. Recently, after frequent problems with HDFC Bank’s online payment service, the RBI stopped issuing new cards to it.