With the economic downturn, aggressive lending institutions like ICICI have burnt their fingers and are in a mode to consolidate for couple of years before they can aspire to grow.
Some facts as on Sept-2009 about the Indian Credit Card Industry.
- ICICI Bank Credit Card customer base has shrunk to 7 mn from 9 mn [ most of it due to closure of default / delinquent accounts, non-renewal of cards and also small amount of cancellations and consolidation from many to single card]
- ICICI still is the largest credit card issuer with 28% market share.
- Total number of cards in India by March-2010 is likely to be 22.6 mn down from 24.7 mn on March-09
- Bucking the trend, HDFC Bank and HSBC plan to add customers – current base is 4 mn and 3.5 mn respectively
- Citibank’s credit card base in India is 2.5 mn while that of SBI Cards’ is at 2.7 mn [both have shrunk in the current year]
- Credit Card Industry Voices can be read here.
Questions and Comments can be posted on the CardBhai Discussion Forum or e-mailed directly to me – feedback at cardbahi dot com