over the coming months, HDFC will demonstrate the technological transformation it had embarked on, in order to reinforce its position as a leader in the credit card segment. “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. We have the resources and plans in place to further reinforce our pole position in the credit card segment,” his letter read.
Jagdishan further noted that the Mumbai-based financial service provider is prepared to return with a bang, with a range of new credit cards which it has in store for borrowers. “With the lifting of the restriction on Cards acquisition, all the preparations and strategizing that we have put in place to ‘come back with a bang’ will now be rolled out,” he said. “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.”
The bank’s CEO also expressed his gratitude to the RBI for the “rap on the knuckles” which enabled HDFC to re-imagine its IT systems and processes. As part of the partial removal of restrictions, the central bank has required the private lender to submit a board-approved letter assuring continued compliance with the RBI’s IT examination report. Accordingly, HDFC has pledged to continue to engage with the regulator and ensure compliance in order to have the restrictions on new launches of the Digital Business generating activities also be lifted.
