HDFC Bank has trumped its peers on credit card customer additions in July, central bank data showed, demonstrating the country’s most-valued lender – and the leader in this line of business – has emerged stronger from regulatory curbs imposed on it four years ago in the wake of repeated service disruptions.

HDFC Bank added nearly 4 lakh credit cards in the month of July, taking its total credit card tally to 2.17 crore.

The bank is optimistic that the festive season would boost the credit card segment. At the end of July, the total outstanding credit cards in the country stood at 104.5 million.

“We don’t look at market growth by month or quarter – there will be positive cycles and some negative cycles,” said Parag Rao, group head – payments, consumer finance, HDFC Bank. “Our strategy is to be completely consistent with our product offering, and deepen our market strategy and credit approach to customers.”

Also read | CREDIT CARDS ISSUANCE IN COUNTRY INCREASES BY 16% TO 104.6 MN IN JULY

Rao added that in the third quarter the bank will see an upshift in spends because consumption will go up, owing to the festive season.

“We are preparing ourselves with tie-ups; we are in talks with a host of merchants for the festive season,” said Rao. Expenditure on HDFC Bank’s credit cards also continued to be strong with total spends at points of sale and e-commerce websites reaching Rs 44.36 crore at the end of July from Rs 41.45 crore in June.

The second largest issuer, SBI Card, added less than 100,000 cards. Its total tally in July was at 19.3 million, Its credit card spends were at Rs 26.87 crore at the end of July.

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