Federal Bank, IDFC First Bank surge in credit card growth, challenging HDFC Bank

ET BureauLast Updated: Aug 13, 2026, 06:07:00 AM IST

Synopsis

Recent data reveals that Federal Bank and IDFC First Bank have collectively issued over twenty-two lakh new credit cards, almost paralleling HDFC Bank's own expansions. Together, they represent twenty-one percent of the newly released cards, suggesting a noticeable change in the competitive dynamics of the credit card sector as the dominance of the top four issuers appears to be waning.

Federal Bank and IDFC First Bank have emerged among the fastest-growing credit-card issuers, together adding 22.13 lakh cards in the year to June 2026—nearly as many as market leader HDFC Bank added on its own, RBI data showed.

Federal Bank added 11.79 lakh cards during the year to June, surpassing Axis Bank’s 11.36 lakh additions, while IDFC First expanded its portfolio by 10.34 lakh cards. Together, the two lenders accounted for about 21% of the 1.06 crore net cards added by the banking system. The four largest issuers’ HDFC Bank, SBI Cards, ICICI Bank and Axis Bank combined share of outstanding cards declined by about 100 basis points to 69.9% over the past year.

Agencies

...moreless

...moreless