SBI Cards continued to beat rivals such as HDFC Bank in new card additions through better activation rates. While SBI Cards added more than 300,000 cards in February, Axis Bank added 200,000, ICICI Bank and Kotak Mahindra Bank added around 80,000 each and HDFC Bank’s tally rose by nearly 60,000 cards.
SBI Cards and Axis Bank, the latter fresh with its acquisition of Citi’s credit card portfolio, showed improvement in the card market share that stood at 19.8% and 11.7%, respectively, at the end of February. Cards in force market share for HDFC Bank and ICICI Bank marginally declined to 20.8% and 16.5%, respectively, in February.
Source:
Economic Times
