HDFC Launches Credit Card For Teachers

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HDFC Bank launched India’s first credit card for teachers on the occasion of Teachers’ Day. The Teachers’ credit card offers special features like multiple reward points, weekend bonanza points, petrol surcharge waiver and 500 teachers’ day special gift reward points credited annually on Teachers’ day. At the National launch of HDFC Bank Teachers’ Credit Card in Mumbai, Mr. Atul Barve, SVP & Regional Head, Branch Banking, HDFC Bank and Mr. Parag Rao, Sr. Executive Vice President, Business Head, Credit Cards & Merchant Acquiring Services, HDFC Bank handed over the first Teachers’ Credit Card to Mrs. M. Chandrashekhar, Principal, Bombay Scottish School. 

As per the CSFB Report by KPMG Analysis, Education is one of the largest service sectors in India with a combined market size of more than 450 million students and growth rates of 10-15% expected over the next decade. The industry is also largely fragmented with over 95% held in the unorganized sector. Research indicates a huge demand supply mismatch, only corrected with an approximately investment of USD 100 billion by 2014. With the total market of education institutions expected to increase to Rs. 2,500 billion by the end of 2012; the education sector will have attractive margins.  

Commenting on the launch, Mr. Parag Rao said, “Education is a top priority for Indians and the Guru-Shishya parampara is held in high regard in the country. Like the doctor’s credit card that we launched recently, HDFC Bank’s Teachers’ Credit Card is a small token of appreciation towards lakhs of teachers across India who play a pivotal role in shaping the lives of millions of children. HDFC Bank believes in providing diversified products to an extensive customer base, which includes professionals like teachers, doctors, etc. We are adapting to industry specific needs, particularly sectors that haven’t been adequately tapped into.” HDFC Bank is the largest issuer of credit cards in the country with a customer base of 5.60 million as of March 31, 2012. 
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