In August 2021, the RBI allowed HDFC Bank to issue credit cards after nine months. During this time, ICICI Bank and SBI Cards and Payment Services (State Bank of India's credit card issuer) have grabbed market share at HDFC Bank's expense. 

In December 2020, HDFC Bank had a 25.2% share of the credit card market (by outstanding credit cards issued). This dropped to 23.1% in August. In that time, ICICI Bank and SBI Cards issued 24.8 lakh and 19.4 lakh credit cards in nine months, increasing their market share to 17.9% and 19.4%, respectively.

However, it looks like HDFC Bank is now working to close the gap. In the one month since RBI lifted the ban, HDFC Bank issued over 4 lakh credit cards. The largest bank in the country will target adding 5 lakh new credit card customers in the next two quarters.