Credit card spends touch record high of Rs 1.22 trillion in September

Banking system saw a net reduction of close to 290,000 cards during this period, impacted by RBI norms warranting deactivation of cards that are inactive for a year

Festival season helped credit card spends touch a record high of Rs1.22 trillion in September. But the banking system saw a net reduction of close to 290,000 cards during this period, impacted by the Reserve Bank of India (RBI) norms warranting deactivation of cards that are inactive for a year.

In September, spending rose 9 per cent month–on–month (MoM) and 53 per cent year-on-year (YoY) and has remained over the Rs1-trillion mark for over six months now, indicating a sustained increase in consumer spends. It is expected to rise further due to the ongoing festival season.

“Spends remained strong and