HDFC Bank has recently introduced a set of four credit cards aimed at targeting small and medium-sized entrepreneurs (SMEs) in a strategic move to expand its card business. This development was officially announced by Parag Rao, the country head of payment, liabilities products, customer finance, and marketing at HDFC Bank.

The distinctive feature of these newly launched credit cards is the provision of 55 days of interest-free credit, marking the highest duration offered by any bank. These cards, namely BizFirst, BizGrow, BizPower, and BizBlack, are designed to cater to the specific needs of SMEs, providing them with a range of financial solutions.

According to senior officials at HDFC Bank, the institution currently serves around 5 million SME customers, presenting a substantial market for the adoption of these tailored credit card offerings. Vidya Pradeep, executive vice-president of the credit and debit card portfolio at HDFC Bank, expressed that the comprehensive range of products directed towards the SME segment sets HDFC Bank apart from other financial institutions.

Moreover, Vidya Pradeep hinted at the bank’s future plans, revealing that HDFC Bank is preparing to launch the GIGA business card, a product designed to meet the financial requirements of freelancers and gig workers. This move showcases HDFC Bank’s commitment to diversifying its credit card portfolio to address the evolving needs of various customer segments.

In summary, HDFC Bank’s recent initiative to introduce four credit cards for SMEs, along with the promise of 55 days of interest-free credit, emphasizes the bank’s dedication to expanding its market share and providing tailored financial solutions for its SME clientele. The upcoming launch of the GIGA business card further underlines the bank’s proactive approach to meet the unique needs of freelancers and gig workers in the evolving business landscape.