Credit card spending hits new high in July at US$ 17.38 billion (Rs. 1.44 trillion): RBI data
- IBEF
- August 31, 2023
Indians spent a record US$ 17.38 billion (Rs. 1.44 trillion) on credit cards in July, topping the previous high of US$ 16.89 billion (Rs. 1.4 trillion) set in May. In June, credit card spending had dropped to US$ 16.53 billion (Rs. 1.37 trillion).
In July, the banking industry added approximately 1.19 million credit cards, bringing the total number of outstanding credit cards to 89.87 million, up from 88.68 million the previous month.
According to the most recent information provided by the Reserve Bank of India, HDFC Bank continued to hold the top spot with 18.54 million cards, followed by SBI Card with 17.55 million, ICICI Bank with 14.98 million, and Axis Bank with 12.74 million.
According to the report, e-commerce payments accounted for 65.71% of total credit card expenditure in July, with point-of-sale (PoS) transactions accounting for 34.28%.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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