ICICI Bank, the country's largest private sector bank,
plans to issue five lakh new credit cards in 2013-14.
The bank has a credit card base of 2.95 million cards. "We have the
largest number of active cards. Almost 90% of our cards are active. Our spend
is one of the highest in the industry," said Rajeev Sabharwal, executive
director, ICICI Bank.
The monthly spend on the bank's Sapphiro credit card stands at Rs 85,000
compared with an industry average of Rs 55,000. The bank has also seen a surge
in online usage of cards. Online spends account for almost 35% of the credit
card spends. "The bank has 30% share in online credit card spends and 35%
market share in volume,'' said Sabharwal.
The private sector lender that was consolidating its credit card book after a
surge in credit delinquencies in 2008 is now building its book aggressively. HDFC Bankcontinues
to be the market leader in the credit card business with 5.94 million cards.
The country's second largest private sector bank, HDFC Bank, that was untouched
by the 2008 crisis, has seen its credit card base shrink to 5.94 million credit
cards at the end of June from 6.56 million at the end of May. There are four
dominant players in the credit card market, including HDFC Bank, ICICI Bank,
Citibank and Axis Bank. Post the 2008 crisis, Deutsche Bank, Royal Bank of Scotland and Barclays exited the credit card business.
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