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Posted on Sep 05, 04:57PM | IBNS
HDFC Bank, India's second largest private sector bank and the largest issuer of credit cards in the country, on Wednesday announced the launch of India's first credit card for teachers-Teachers Credit Card.
The launch on September 5 coincides with the celebration of Teachers' Day, which marks the birthday of India's former President and a renowned teacher, Dr S. Radhakrishnan.
The teacher's credit card offers special features like multiple reward points, weekend bonanza points, petrol surcharge waiver and 500 teacher's day special gift reward points credited annually on Teachers' Day.
With a combined market size of more than 450 million students and growth rates of 10-15pc expected over the next decade, education is one of the largest service sectors in India.
The industry is also largely fragmented with over 95pc held in the unorganized sector.
Research indicates a huge demand supply mismatch, only corrected with an approx. investment of USD 100bn 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. Source: CSFB Report, KPMG Analysis
Commenting on the launch, Parag Rao, Sr. Executive Vice President, Business Head, Credit Cards and Merchant Acquiring Services, HDFC Bank, said, 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 is the largest issuer of credit cards in the country with a customer base of 5.60 million as of March 31.