Key Points
The popularity of credit cards in India is on a rise, with the total number hitting the 100 million mark..
As of December 2023, there were 97.9 million outstanding credit cards, with a record 1.9 million additions during the month alone, the latest Reserve Bank of India (RBI) data revealed..
The calendar year 2023 saw the addition of 16.71 million cards, a significant increase from the 12.24 million added in 2022..
This trend of growth has been consistent over the past five years, with the number of credit cards in circulation swelling by nearly 77 per cent from 55.53 million in December 2019..
Transactions via HDFC Banks credit cards jumped to ~44,771.87 crore in December from ~42,049.32 crore in November..
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Credit card spending hits record high at Rs 1.4 lakh crore in May; cards in use at 87.4 million
16, Jul, 23Credit card spending in India has risen to Rs 1.4 lakh crore in May, according to the Reserve Bank of India. This represents an increase of 5% per month this year. Furthermore, the number of credit cards in active use has risen by more than 5 million since January 2023 and reached 87.4 million in May, which is an all-time high. However, a Transunion Cibil report has cautioned that credit card delinquencies have been rising, increasing by 66 basis points to 2.94% in March 2023.