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NEW DELHI: Credit cards outstanding in January rose 29.6% to reach an all-time high of nearly Rs 1.9 lakh crore on the back of increased digitalization and increased consumer confidence in the post-Covid period.
According to the latest data from Reserve Bankcredit cards in circulation have recorded growth of over 20% in the current 10 fiscal months.
“Many categories have been digitized, thereby increasing purchases from existing customers who use their credit cards,” said Rama Mohan Rao AmaraMD & CEO, SBI Card.
The ease of payment has definitely contributed to this increase in spending in several categories, including health and wellness, education, utility bills, among others, he added. At the end of January 2023, there were nearly 8.3 million credit cards issued by various banks. agency
According to the latest data from Reserve Bankcredit cards in circulation have recorded growth of over 20% in the current 10 fiscal months.
“Many categories have been digitized, thereby increasing purchases from existing customers who use their credit cards,” said Rama Mohan Rao AmaraMD & CEO, SBI Card.
The ease of payment has definitely contributed to this increase in spending in several categories, including health and wellness, education, utility bills, among others, he added. At the end of January 2023, there were nearly 8.3 million credit cards issued by various banks. agency
