Credit card base of major issuers erodes in Q2 over RBI's norms

SBI Card was exception as gains card base, market share

Credit card issuers saw significant erosion of their card base during the July-September quarter as the Reserve Bank of India’s (RBI) norms mandated deactivation of cards that have been inactive for a year.

The second quarter of the current financial year saw outstanding cards-in-force decline by 2.55 million to 77.7 million.

Prior to this, the industry, on an average, was witnessing a net addition of over 1.5 million credit cards a month as players became aggressive on the unsecured lending business after the pandemic.

In April this year, the RBI came out with a master direction on credit and debit