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.
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