Business Standard

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

credit card
Premium

Among large players, SBI Card, ICICI Bank, and Axis Bank have gained market share in spends as they saw strong MoM growth of 19 per cent, 18 per cent, and 28 per cent respectively, but HDFC Bank has lost significant market share.

Subrata Panda
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

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Oct 21 2022 | 6:54 PM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com