Credit Cards by Foreign Banks

• From January to July 2025, foreign banks in India displayed mixed trends in their credit card portfolios. American Express recorded a steady decline, falling from about 14.5 lakh cards in January to 13.6 lakh by July. Citi Bank, however, showed consistent growth, increasing its base from 2.27 lakh to nearly 2.49 lakh over the same period.

• HSBC also experienced healthy expansion, adding over 1.2 lakh cards and crossing 9.6 lakh by July. In contrast, DBS Bank India saw a continuous decline, dropping from nearly 4.95 lakh in January to just over 4.19 lakh in July. Standard Chartered Bank showed a similar downward trend, shrinking from over 9 lakh cards to 7.8 lakh.

• SBM Bank India bucked the trend with moderate growth, ending July with over 7.3 lakh cards despite fluctuations mid-year. Other foreign banks, including Bank of America, Barclays, Deutsche Bank, Doha Bank, KEB Hana, Kookmin, and Woori Bank, reported no activity in credit card issuance.

• Overall, the data suggests a consolidation of active foreign bank players, with Citi and HSBC expanding, Amex and StanChart shrinking, and DBS facing notable erosion in their credit card base.