Mumbai: A day after the Reserve Bank of India (RBI) allowed HDFC Bank to issue new credit cards after a 9-month hiatus, its chief executive Sashidhar Jagdishan told employees that the bank would start offering a mix of existing and new cards to customers.
“In the coming months, we will aggressively go to the market, with not just our existing suite of credit cards but also new offerings in the form of co-brands and partnerships. Yes, we lost customer market share in the last 9-10 months, but I am confident that we will regain and grow our customer market share and revenue market share in the time to come," Jagdishan said in a message to employees of India’s largest private lender.
Thanking the central bank for the “rap on the knuckles", Jagdishan said it has opened the bank’s eyes to the world of possibilities, re-imagine the information technology systems, and turbo-charge the speed of technology transformation.
“I also know that the last 9-10 months of the embargo have not been easy for you all. It takes great character and spirit to take a knock on the chin and yet stand up again to fight. You all have demonstrated the same tenacity and resilience and I feel humbled and privileged to be leading such a highly motivated team," he said.
The chief executive said that in the coming time, the bank will be able to demonstrate the technology transformation that it has embarked on. However, the central bank is yet to relax restrictions imposed in December on new digital launches and Jagdishan said the restrictions will continue till further review by the regulator.
“The journey towards a future ready organization has well and truly begun. We have the structure and teams in place and technology will be the force multiplier for us. The last year and half of pandemic and the regulatory action in December has given enough time for us to reflect and learn and I am happy that we have resolved to come back strongly and today, I know each one of you are raring to hit the ground running," he said.
The RBI has partially lifted restrictions imposed on HDFC Bank, allowing it to resume issuing credit cards, the bank said in a regulatory filing on Wednesday, citing an RBI communication from 17 August.
On 2 December, RBI had barred the bank from launching new digital banking initiatives and issuing new credit cards until it addressed lapses that sparked multiple glitches in its internet and mobile banking systems over the previous two years.
Before the ban, the bank was adding over 100,000 credit card customers every month between April and November. Despite the ban, HDFC Bank remains the largest credit card issuer, with 14.8 million cards outstanding at the end of June, followed by SBI Card with 12 million and ICICI Bank with 11.03 million.
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HDFC Bank to offer a mix of existing and new credit cards as RBI lifts ban - Mint
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