HDFC Bank hopes to return with a ‘bang’ and regain lost market share

Laying retired aboriginal plans, erstwhile the embargo is lifted, helium said the slope had a overmuch much wholesome strategy.

HDFC Bank expects to regain the mislaid marketplace stock and marque a beardown comeback erstwhile the regulator lifts the embargo connected issuing caller recognition cards, Parag Rao- caput of user finance, integer banking and accusation exertion said connected Wednesday.

Without sharing details implicit erstwhile helium expected the prohibition to beryllium lifted, Rao said wrong three-four months of the prohibition getting lifted, 1 should expect incremental marketplace stock backmost to the pre-ban levels. The slope has been successful changeless treatment with RBI ever since the prohibition was imposed, and has upgraded its systems arsenic per the indications from the regulator, Rao said. He added that it had present presented a program that focuses connected the immediate, short-term, mid-term and semipermanent to the cardinal bank.

According to the RBI data, successful the play betwixt December 2020 and April 2021, HDFC Bank’s recognition paper basal contracted by 3.89 lakh. While ICICI Bank’s recognition paper portfolio accrued by 8.15 lakh, SBI Card and Axis Bank added 4.37 lakh and 3.29 lakh cards, respectively. However, HDFC Bank continues to person the largest lawsuit basal successful the conception with 1.49 crore outstanding recognition cards arsenic connected April 30, 2021.

In December, RBI a had stopped HDFC Bank from issuing caller recognition cards and announcing caller integer initiatives pursuing aggregate outages the slope witnessed implicit the past fewer years. The regulator besides called for a third-party audit of the bank’s IT infrastructure.

“We person utilized the past six period play since December to introspect, reinvigorate and re-engineer for the future. We volition usage tech and integer to assistance america proceed being ascendant successful the abstraction and volition get backmost to the marketplace with a bang. We person the full strategy acceptable and charged up,” said Parag Rao, radical caput – payments, user finance, integer banking and IT, HDFC Bank.

Laying retired aboriginal plans, erstwhile the embargo is lifted, helium said the slope had a overmuch much wholesome strategy. “It is not lone to regain our (credit cards) fig and worth marketplace stock but besides to forge caller partnerships, physique much scale, present newer products and services and proceed connected our travel of being the ascendant payments slope subordinate successful the space,” helium said.

Rao said the slope had been utilizing the six-month play to enactment connected its exertion and integer processes and besides had a basal of pre-approved customers, who volition beryllium offered recognition cards erstwhile the embargo is lifted.