HDFC Bank Clinches Title as India’s Top Credit Card Issuer; SBI Dominates Debit Card Market, ETBFSI

India’s largest public sector bank, State Bank of India, continues to maintain its leadership in the debit card market, holding a 24 per cent market share in June 2025, while HDFC Bank remained the top player in credit cards with a 22 per cent share, according to recent data from 1Lattice.

Other top banks in debit cards included Bank of Baroda with a 9 per cent market share, followed by Canara Bank, Union Bank of India, and HDFC Bank, each with about 6 per cent, and Bank of India, Axis Bank, and Punjab National Bank at 4 per cent.

While Public Sector lender, Bank of Baroda’s market share of debit cards remained at 9 per cent in June 2025; it showed a de-growth of 9 per cent on an annual basis, the decline has been constant for months.

In the debit card segment, Private Lender Axis Bank experienced the strongest year-on-year growth, registering approximately 12 per cent, followed by HDFC Bank that grew at 7 per cent. Public lender Canara Bank reported a 6 per cent annual growth, while Punjab National Bank grew at 3 per cent compared to 2 per cent in May 2025. Union Bank of India showed 3 per cent annual growth. SBI retained its top position, and as opposed to declining trends observed before, it saw a year-on-year growth of 5 per cent in June.

Bank of India has been experiencing larger drop, with a 17 per cent de growth in June on an annual basis, holding a current market share of 4 per cent.

Debit and credit card transactions in India have seen a steady compound annual growth rate (CAGR) of 20 per cent and 19 per cent, respectively, over the past four years.

HDFC Bank leads Credit Card market

As India’s largest private-sector lender, HDFC Bank continued to dominate the credit card market, maintaining a 22 per cent share in June 2025. It was followed by SBI Bank, ICICI Bank, and Axis Bank, which held market shares of 19 per cent, 16 per cent, and 14 per cent, respectively, according to the data by 1Lattice.

ICICI Bank for long held a market share of 17 per cent in Credit Cards until May 2025 when it saw a dip by 1 per cent, market share for June also stands at 16 per cent.

Bank of Baroda saw the highest growth in the credit card segment with a 17 per cent year-on-year increase, followed by HDFC Bank and SBI Bank, each with 15 per cent and 10 per cent year-on-year growth respectively, holding shares of 22 per cent and 19 per cent, respectively.

ICICI Bank posted a year-on-year growth of 4 per cent. RBL Bank’s credit cards’ market share remained stagnant with de-growth of 11 per cent on a year-on-year basis.

On the other hand, Kotak Mahindra Bank saw a 17 per cent decline in growth, holding a 4 per cent share in the credit card market. Earlier in February 2025, the Reserve Bank of India lifted the ban on Kotak Mahindra Bank on its credit card business. The ban was imposed in April 2024 due to an IT shortage.

Global players in the credit card space saw moderate growth, with American Express posting a year-on-year increase of 3 per cent, accounting for only a 1 per cent market share.

• Published On Jul 23, 2025 at 05:32 PM IST

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