According to the latest Reserve Bank of India (RBI) data, credit card spends jumped nearly 26% to Rs 101,228.64 crore in October 2021 as compared to Rs 80,477 crore spends in September 2021.
Credit card spend jumped by 98% year-on-year from Rs 64,891.96 crore recorded in October 2020. The increase in spending was aided by the festive season.Credit card spends are now much higher than pre-pandemic levels. In January and February of 2020, credit card spends were Rs 67,402.25 crore and Rs 62,902.93 crore, respectively.
SBI Cards and Payment Services (up 1.59%) recorded a 30% rise in credit card spend to Rs 19,086.87 crore in the October 2021 compared with Rs 14,698.17 crore recorded in September 2021.
HDFC Bank (up 1.13%) card spends increased by 31.5% month on month to Rs 26,593.79 crore in October 2021 as against Rs 20,221.17 crore recorded in September 2021.
ICICI Bank (down 1.46%) card spends jumped 25.3% to Rs 21,638.02 crore in October 2021 from Rs 17,268 crore recorded in the month of September 2021.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app