Credit card numbers surge after two months of decline | Check details

Credit card numbers surge after two months of decline - The number of credit cards in force witnessed improvement in the month of October 2022 after seeing two months of decline on account of deactivation guidelines issued by the Reserve Bank of India (RBI), according to a Zee Business channel report. 

The report said that number of active credit cards of all banks improved by 2.1 per cent to 793.7 lakh in the month. It stood at 777.02 lakh in the previous month, as per RBI data. HDFC Bank, SBI and ICIC Bank continue to lead with 57 per cent share in the market. HDFC Bank added 2.2 lakh cards while SBI added 3.4 lakh cards. ICICI Bank added 2.2 lakh new cards.

Axis Bank also gained as it is in the process of acquiring the credit card business of Citibank India. The private lender added 2.6 lakh cards in October.

This year during July, 2022 credit card spends were at all time high of Rs 1.16 trillion. The number of active credit cards put together saw a growth of 2.06 per cent to 7.93 crore numbers vs 7.77 crore during the last month.

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The number of active credit cards in the system had declined by 2.8 per cent in August and 0.4 per cent in September due to the RBI norms. The RBI had issued directions to banks to deactivate credit cards which were inactive for 365 days. The guidelines came effective from July, 2022. 

In terms of volume, the total number of transactions via credit card stood at 25.6 crore in October, up by 4 per cent compared to previous month. In terms of transactions in value, the number was higher by 5 per cent to Rs 1.3 trillion in October.

(Inputs from Nupur Jainkunia - Zee Biz)

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