Where most of the banks have reduced issuing of credit cards due to various reasons, in spite of challenging market conditions, Axis bank a leading private sector lender is planning to increase its credit and debit card base to over 13 million (1.3 crore) by end-fiscal, this was informed by a top official.
Axis Bank's Vice-President - Retail Financial Services Anuj Khosla told press, “We expect to add 24 lakh new cardholders this year. This would take the total card-base to around 1.34 crore. There is a healthy demand for card-based banking products in the market''. Till now bank has issued 1.1 crore cards out of which, 5.5 lakh are credit cards and the rest were debit cards.
Khosla informed bank is in a process of implementing an aggressive strategy to increase its card-base with nearly two lakh debit cards and 35,000 credit cards being added every month. Khosla added last year the banking industry has faced loss due to increase in the number of Non-Performing Assets (NPA) on credit cards, therefore banks have decided to go slow on expanding their credit card-base and to focus more on increasing the debit card business.
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