Credit Card Spending All-Time High at Rs 1.16 Trillion in July


The Reserve Bank of India (RBI) has put out data, according to which Credit card spends has touched an all-time high of Rs 1.16 trillion in July, registering a growth of 6.5 per cent on a month-on-month basis and a growth of 54 per cent year-on-year. Spends have topped the Rs 1 trillion level for five consecutive months now.

In July, the banking system added 1.53 million credit cards, taking the overall number in the system to over 80 million. The addition in credit cards was led by HDFC Bank, which added 344,364 credit cards in July, taking its outstanding credit cards to 17.94 million, followed by Axis Bank (227,614 cards). Axis Bank now has 9.93 million outstanding credit cards. SBI Card added 218,933 cards during the same time, taking its outstanding base to 14.5 million while ICICI Bank added 194,222 cards, taking its kitty to 13.7 million.

HDFC Bank has the highest market share in credit card spends at 28.34 per cent, followed by ICICI Bank (20.1 per cent), and SBI Card (16.7 per cent). Axis Bank has a spends market share of 8.7 per cent as of July.

As far as market share in outstanding credit cards is concerned, HDFC Bank has 22.4 per cent share, followed by SBI Card, ICICI Bank, and Axis Bank at 18.1 per cent, 17.1 per cent, and 12.4 per cent respectively.


Knowledge Source :

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