HDFC Bank Ltd. issued 14 lakh credit cards in the September quarter, an increase of nearly 19% from the previous quarter, as credit-card spending across the banking system remained close to Rs 2 lakh crore a month.
“New credit card issuances at 1.4 million have grown by nearly 19% quarter-on-quarter, indicating the expansion of the growth runway,” the bank's management said during its second-quarter earnings call.
The increase raises questions about what is driving HDFC Bank's credit-card growth and whether it reflects a broader expansion in demand or gains by the lender.
Credit-card spending across the banking system stood at Rs 2.08 lakh crore in July, up from Rs 1.93 lakh crore in July 2025 and Rs 2.01 lakh crore in June 2026, according to the data provided. Spending reached a record Rs 2.18 lakh crore in March 2026.
Average monthly credit-card spending rose from Rs 1.93 lakh crore in January-December 2025 to around Rs 2 lakh crore in the first seven months of 2026.
The number of credit cards outstanding across the banking system also increased. It stood at 12.29 crore in July, compared with 12.16 crore in June and 11.16 crore in July 2025.
Private-sector and public-sector banks added to their credit-card base during the period, while foreign banks recorded a decline in outstanding cards.
HDFC Bank's management did not give a specific reason for the quarter-on-quarter increase during the earnings call.
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