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Number of active credit cards drops by 2.3 million in August

Mumbai: Data released by the Reserve Bank of India (RBI) revealed that the number of active credit cards in the country  dropped by 22.6 lakh in August. In August, the number of active credit cards was at 7.8 crore. It was at  8 crore in July.

HDFC Bank and Axis Bank registered a significant drop in their net credit card additions in August. For HDFC Bank, the number of outstanding credit cards slumped by 8.47% to 1.6 crore in August. It was at  1.8 crore in July.  Axis Bank, witnessed its total number of credit cards falling from 99.3 lakh in July to 88.7 lakh in August, a 10.6% drop.

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This decline was due to a notification of the Reserve Bank of India. RBI has instructed to deactivate the cards that have remained inactive for a year. The apex bank instructed all banks in the country to start the process to close the credit cards, which have not been used for more than a year, after intimating the cardholder. If no reply is received from the cardholder within a period of 30 days, the card account shall be closed by the card issuer, subject to payment of all dues by the cardholder.



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