Credit card spends jump 26% sequentially in October

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.

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