Indian Economy News

Credit cards breach the 100 million mark in India, shows RBI data.

  • IBEF
  • April 1, 2024

In February 2024, the total number of credit cards issued by banks in India exceeded 100 million, marking a significant milestone for the industry. Data released by the Reserve Bank of India revealed 100.60 million outstanding credit cards in February 2024 compared to 99.5 million cards in February 2023.

HDFC Bank emerged as the leader in credit card issuances, with 20.40 million cards in circulation, followed by SBI Card, ICICI Bank, and Axis Bank. Despite the growth in card issuance, overall credit card spending among Indians declined to US$ 17.92 billion (Rs. 1.49 trillion) from US$ 19.90 billion (Rs. 1.66 trillion) in January 2024, primarily due to decreased point of sale (PoS) and e-commerce transactions. PoS transactions dropped to US$ 6.53 billion (Rs. 54,431.48 crore), while e-commerce payments declined to US$ 11.39 billion (Rs. 0.95 trillion) as the festive season concluded. Mr. Saurabh Bhalerao, associate director at CareEdge Ratings, noted that while banks have aggressively promoted credit card spending, the growth rate is expected to moderate as the industry reaches a substantial size.

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