Credit card spends rise 27% to US$ 219 billion (Rs. 18.26 lakh crore) in FY24: RBI data

According to recent data released by the Reserve Bank of India (RBI), credit card spending saw a significant rise of 27% year-on-year, reaching US$ 219 billion (Rs. 18.26 lakh crore) in the financial year 2024, up from nearly US$ 167.9 billion (Rs. 14 lakh crore) in the previous year. In March 2024 alone, credit card transactions increased by approximately 10.07% over the previous month to US$ 19.7 billion (Rs. 1.64 lakh crore).

Mr. Saurabh Bhalerao, associate director at CareEdge Ratings, noted that the festival season and year-end factors contributed to the increased transactions. However, growth may moderate due to a higher base and regulatory scrutiny. Point of sale transactions in the country rose to US$ 7.24 billion (Rs. 60,378 crore) in March. Leading credit card players like HDFC Bank, Axis Bank, ICICI Bank, and SBI Card witnessed notable transaction growth. The total number of credit cards issued in India reached 101 million in March 2024, with HDFC Bank leading in card issuances at 20.59 million, followed by SBI Card, ICICI Bank, and Axis Bank.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.