ICICI Bank said its credit cards user base has crossed the two-million mark, making it the leading cards player in the country. A Citibank spokesman, however, said the foreign bank already has over two million credit cards.
ICICI Bank and Citibank have been neck-to-neck competing in the credit card industry for some time.
Today ICICI Bank boasts of a credit card base of 2,004,000 against its September figure of 1.6 million.
Foreign banks have been losing share in the credit card market as private and public sector players such as ICICI Bank and State Bank of India have increased their spoils. In September SBI was at 1.2 millions cards while Standard Chartered Bank ranked third with 1.5 million.
Industry sources stated that ICICI Bank has been adding one lakh credit card customers monthly, while Citibank is understood to be adding 30,000-40,000 customers every month.
“We are very happy to achieve this benchmark in the credit card industry in less than four years,” said ICICI Bank executive director Chanda Kochhar. The private sector bank launched its credit card in January 2000, and has emerged as the fastest credit card issuer in the industry.
“Our focus has been on meeting customer needs through value-added products, strong processes and greater customer convenience. We are encouraged by the growing number of our credit card holders and their increasing usage,” said Kochhar.