New Delhi, Nov 28
As festive season saw robust growth in India across all parameters, credit card spending crossed Rs 2 lakh crore in October, a 14.5 per cent rise from September.
According to latest data by the Reserve Bank of India (RBI), credit card spending in October reached Rs 2.02 lakh crore, up 13 per cent (year-on-year).
As per the Central Bank’s data, outstanding credit cards in the system increased 12.85 per cent to 106.88 million, a 0.74 per cent increase from September.
HDFC Bank led the chart with issuing 241,119 credit cards, followed by SBI Cards with 220,265 cards and ICICI Bank with 138,541 cards.
Meanwhile, as UPI-based digital payments surge, debit card-based transactions dropped almost 8 per cent from nearly Rs 43,350 crore in August to about Rs 39,920 crore in September, according to the RBI’s monthly data.
On the other hand, credit card transactions grew in the country, which saw a nearly 5 per cent increase in the month of September at Rs 1.76 lakh crore, from Rs 1.68 lakh crore in August.