India’s credit card market is steadily consolidating around a few major players, with private and public sector banks competing aggressively to capture a larger share of consumer spending. Latest data based on outstanding credit cards as of October 31, 2025, sourced from the Reserve Bank of India (RBI), reveals a clear hierarchy led by HDFC Bank, followed closely by SBI and ICICI Bank.
HDFC Bank Maintains Top Spot
HDFC Bank continues to dominate the Indian credit card landscape with a 22.3% market share, making it the largest issuer of credit cards in the country. The bank’s leadership can be attributed to its strong urban presence, premium card offerings, attractive reward programs, and partnerships across retail, travel, and digital payments.
SBI Emerges as Strong Public Sector Challenger
State Bank of India (SBI) holds the second-largest share at 19.0%, highlighting the growing role of public sector banks in the retail credit space. SBI’s expansion in co-branded cards, competitive pricing, and deep reach into semi-urban and rural markets have helped it challenge private sector dominance.
ICICI and Axis Strengthen Private Bank Hold
ICICI Bank ranks third with a 16.2% market share, supported by its digital-first approach, fast card approvals, and wide merchant tie-ups. Axis Bank follows with 13.6%, reflecting steady growth driven by lifestyle-focused cards, airport lounge benefits, and partnerships with leading brands.
Mid-Tier Players and Growing Competition
Kotak Mahindra Bank (4.0%), RBL Bank (3.9%), IDFC First Bank (3.6%), IndusInd Bank (2.8%), Bank of Baroda (2.6%), Yes Bank (2.4%), and Federal Bank (2.2%) together represent a growing mid-tier segment. These banks are focusing on niche audiences such as millennials, first-time credit users, and small business owners to expand their footprint.
The “Others” category accounts for 8.1%, indicating room for new entrants, fintech partnerships, and co-branded offerings in the evolving credit ecosystem.
What This Means for Consumers
With competition intensifying, consumers stand to benefit from better rewards, lower fees, flexible repayment options, and innovative digital features. As India’s formal credit penetration deepens and consumer spending rises, the credit card market is expected to remain one of the fastest-growing segments in retail banking.
