Setting an ambitious target of having five million customers by 2020 and to become the No 3 player in the extremely competitive industry, mid-sized lender Yes Bank today made a foray into the credit card market.
At a time when lenders are playing it safe by sticking to their own customers to sell credit cards, the bank plans to go all out seeking customers from outside for the unsecured lending product.
"Credit card is central to our customer acquisition plans. We dont believe there is anything like an internal customer or an external customer," the banks senior group president for retail and business banking Pralay Mondal said.
The bank is targeting to control up to 18 per cent of the industry by spends by notching up around five million active card customers by 2020, which Mondal said will make it the third biggest player.
Pralay Mondal, who is credited with HDFC Banks successes on retail front, said he is confident of achieving the ambitious target, saying the market is skewed towards a few players now.
With over 7.25 million cards, HDFC Bank is the largest card issuer now, followed by ICICI Bank with 3.65 million cards and SBI with 3.62 million.
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