Pralay Mondal, country head retail assets and credit cards, HDFC bank said that around 30-35 percent of the credit card loans are bad. He refused to comment on HDFC’s delinquency rate but said that it was less than half of the industry numbers.
HDFC, the largest mortgage lender has 4.5 million cards that accounts for 18 percent of the total credit card market. Other players in the credit card industry include ICICI bank, SBI cards, Citibank, Standard Chartered.
ICICI banks head of retail assets, Vijay Chandok said that he could not comment on the default rates of the bank or the industry.
Banking analysts say that the credit card industry is beginning to stabilise. A banking analyst with a research firm said that the delinquency figure could not be 30-35 percent.
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