HDFC Bank issues 4 lakh credit cards post-RBI ban

The slope volition relaunch its Millennia, MoneyBack+ and Freedom cards, to which it has added a big of caller features and benefits.

HDFC Bank has issued 4 lakh recognition cards since the Reserve Bank of India (RBI) lifted a regulatory embargo connected issuance of caller cards by the lender successful August. The largest backstage slope by assets plans to relaunch 3 recognition paper products, which volition beryllium disposable to customers successful October, it said connected Wednesday.

The slope volition relaunch its Millennia, MoneyBack+ and Freedom cards, to which it has added a big of caller features and benefits. Creating and co-creating caller paper products is portion of the bank’s strategy to straddle each lawsuit conception crossed the Indian market, said Parag Rao, radical caput – payments, user finance, integer banking & IT, HDFC Bank.

The slope besides plans to spouse with different entities to grow its lawsuit base. Last week, HDFC Bank had announced a strategical tie-up with Paytm to present fiscal solutions to consumers and merchants crossed the country.

“We looked astatine our existing 15 cardinal customers and however we could amusement them overmuch much value. We are thankful to these customers for being with the slope and we would similar to reward them by revamping and relaunching a mates of our products truthful that they get acold much worth than before,” Rao said.

The Freedom paper is targeted astatine consumers who person conscionable started earning and are utilized to making online purchases. Meant for first-time job-seekers, it volition connection recognition limits ranging betwixt Rs 15,000 and Rs 50,000. The MoneyBack+ recognition paper is aimed astatine middle-class families seeking worth connected their mundane spends. The Millennia paper is meant for the affluent, tech-savvy user successful the property radical of 25 to 40 years. The refashioned paper volition connection cashbacks connected spends connected shopping, dining, amusement and travel.

“Our probe implicit the past 15-20 years and a batch of lawsuit feedback tells america that erstwhile you transverse the archetypal three-four years of recognition paper usage, your requirements go much fine-tuned and sharper. Some customers emotion reward points, immoderate emotion cashbacks, discounts and deals,” Rao said. Over the adjacent 3 to 4 quarters, HDFC Bank volition summation backmost its marketplace stock successful the fig of cards successful force, helium added.