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Mumbai-based HDFC Bank Ltd. reportedly expects 35% growth this year for its credit card division, according to the Indian financial Web site moneycontrol.com. The growing number of Indian credit cardholders and increasing transaction values are the primary reasons for "any card company to expect such growth," Prathima Rajan, an India-based analyst with United States-based Celent LLC, tells CardLine Global. To date, India has approximately 27.5 million credit cards in circulation, according to Rajan. "The current value of credit card transactions is US$14.5 billion," she says. Indian banks are marketing to a growing working population with disposable income, Rajan says. HDFC Bank had issued 4.2 million credit cards as of 30 June, according to a bank statement.
