Meet Amazon, Flipkart’s new competitor: HDFC Bank

NEW DELHI : Private sector lender HDFC Bank on Monday took the battle on consumption straight to e-commerce majors with a three-month long campaign offering best deals on transactions through its platform.

The bank also listed out targets for merchant acquisitions and said it is aiming for a 5 percentage points reduction in its cost-to-income ratio as a result of the digital push.

The aggressive posturing comes at a time when the massive slump in consumption is being blamed for the overall economic gloom pulling down GDP to a six-year low in the June quarter at a 5 percent.