Credit card business on growing pace again, banks looking for profits but with carefulness. Banks starts targeting existing customers and some banks targeting non-bank customers for sales of new credit cards.
Nearly 50 banks offers credit cards in India, ICICI and Kotak Mahindra targets existing customers for business on other hand HDFC and Citibank also sets violent targets for their cards business.
At present, HDFC is the largest and key player in Issuing Credit cards in India, ICICI on 2nd position. SBI, Citibank and standard chartered bank follows the list.
HDFC Credit card fourth quarter results shows Rs 14,259 crore at the end of fourth quarter ending March 31
Banks now wants to grow their credit card business in huge numbers. Kotak mahindra offers best deals on cards for existing customers.
SBI is also looking for business in tier 2 and 3 cities for better results and increasing portfolio of sbi card in India.
on other hand, citibanks assuming 25 % growth in credit card business in year on year basis.
ICICI Bank and Standard Chartered Bank said they would not be able to participate in this report.
While the latest RBI data disclose that the number of credit cards has shrunk, spending through cards has shown a marked improvement. The total number of outstanding credit cards has fallen from a peak of 2.7 crore in 2008 to 1.75 crore as in last February. The same trend is visible in data for the 11-month period of 2011-12, where the number of outstanding cards for the industry was 1.75 crore against 1.77 crore till April 2011, a reduction by 1.12 per cent.
Banking officials said high defaults are a thing of the past, as their decisions to give a card is backed by rich information on the borrower’s credit history obtained from the credit bureaus.
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