How to redeem reward points on HDFC Bank credit card?

I have accumulated around 20,000 reward points on my HDFC Bank credit card. What is the redemption value in rupees and the best way to use them?

Yes the rewards sound amazing in marketing, but the redemption catalogue is full of products at inflated MRP. The statement credit redemption is almost always the best value. Skip the merchandise, skip the flight bookings, take the cash.