THIS bank issued the most credit cards in January-March 2021 quarter

New Delhi: ICICI Bank added a record number of credit cards customers in the quarter ended March 2021, courtesy of a ban on credit card issuances by HDFC Bank.

The private lender’s credit card customer base jumped by 672,911 between January to March 2021, according to the latest data published by the Reserve bank of India (RBI). 

It is important to note here that the RBI had barred HDFC Bank from offering any new digital banking initiatives and credit card issuances till the time it rectifies the glitches in its systems. These glitches led to multiple outages in its internet and mobile banking service in the past two years.  

Meanwhile, IDFC First Bank, a new entrant in the credit card sector, successfully added over 1.5 lakh customers in the fourth quarter of the financial year 2020-21. Overall, the bank issued 175,753 cards in three months. 

IDFC First Bank ranked fourth in the list of most credit cards issued in Q4 FY21.ICICI Bank, SBI Card and Axis Bank were the top three banks in issuing credit cards in the said period. 

IDFC First Bank is using two unique offerings: dynamic internist rate and interest-free cash advance for the first 48 days. The bank is also offering revolving credit to woo new credit card customers. 

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