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Our Bureau

Hyderabad, Aug. 5 HDFC Bank is expecting a 35-per cent growth in its credit card portfolio this year despite concerns over the impact of increasing interest rates.

“We are number one currently on an incremental basis in the issue of new credit cards and are very positive about this segment growth over next two years,” Mr Parag Rao, Head (Product, Portfolio & Service Delivery, Credit Cards) HDFC Bank, told Business Line over phone from Mumbai.

As on date HDFC Bank has 4.2 million credit cards. The year-on-year growth for the last two years was about 35 per cent. “We are confident of maintaining it this year too,” Mr Rao said.

Out of 4.2 million, 70 per cent of the cards are with the internal customers of the bank while the rest are in the open market base.

On the strategy of the bank in its credit card business, the official said it would be an entry product after a savings account with the bank for many people.

More Stories on : Credit Cards & Debit Cards | Private Banks | HDFC Bank Ltd

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