Mumbai: The ban on the RBI to sell a new credit card has influenced the market share in stages, said HDFC Bank on Wednesday, promised to return to the market “with Bang” after the “temporal” embargo was appointed and compensation.
Head of Consumer Finance Bank, Digital Banking and Information Technology, Parag Rao, said that he had used the last six months for “introspection, re-engineering and innovating” about the card business, where he has 15.5 million customers.
The bank has lost its market share with a number of percentage points due to the prohibition, but the actions taken internally have ensured that he continued to hold on to the market share by spending, he said.
In December, the RBI acted against the recurring technology blackouts at HDFC Bank for two years by slapping unprecedented punishments, which included a ban on publishing new credit cards and also a ban on launching new digital initiatives.
“We got a very aggressive plan to return to the market with Big Bang …
You will quickly see HDFC Bank not only regain market share but also significantly increases our expenditure market share,” Rao said.
Without sharing any details when he expects a ban that will be appointed, Rao said within 3-4 months the ban was lifted, a person had to expect a correction in the market incremental back to the pre-tire level, the launch of new products and features and also forged partnerships During this period.
“We are very clear that this is the best temporal situation.
For six months when we did not issue a new credit card, we increased the basis of our traders’ acceptance, our obligations franchise increased and today we sat on a large base that was analytically.
Data mined by the customer It’s ready and previously approved, “he said.
“Large sales force” has been trained, skilled and excellent because of the aggressive game and the backend process for them has also been made more efficient, said Rao.
He acknowledged that rivals had confiscated the opportunity as soon as HDFC Bank stopped issuing cards, in the middle of a report on how Icici Bank and SBI, among others have grown.
It can be noted that Credit Card Customers HDFC Bank decreased by 4.67 lakh between December and April, when they reached 14.9 million, while SBI had obtained more than 6 new cards and ICICI rose 10 lakh.
The bank has conducted a constant discussion with the RBI since the ban was implemented and has increased its system in accordance with the indication of the regulator, said Rao, added that it has now presented a plan that focuses on mid-term, short term, terms and long-term plans to the central bank.
“We are waiting for comments from RBI.
We hope that the RBI will be satisfied with the plan we have conveyed,” he said.
Rao said that bank investment in technology is equivalent to global standards, but recent acts of regulations will see more high in technology for the next two or three years.
Repeating the focus described earlier, he said blackouts did occur and they occurred with rivals too, but the important aspect was how he managed the way out of the crisis.
Bank shares traded 0.17 percent at Rs 1,499 each at BSE in 1344 hours, as against a gain of 0.28 percent in benchmarks.