Mumbai: Data released by the Reserve Bank of India (RBI) revealed that the credit card outstanding in January rose 29.6%. The credit card outstanding in January touched an all-time high of Rs 1,86,783 crore. It was at Rs 1,41,254 crore in January 2022 . The increased digitalization and rising consumer confidence in the are the main reason for this.
The credit card outstanding has recorded a growth of over 20% in the 10 months of the current fiscal. June had recorded the highest growth of 30.7%.
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In January this year, the card spends stood at Rs 1.28 lakh crore as compared to Rs 1.26 lakh crore in December 2022. At the end-January 2023, there were nearly 8.25 crore credit cards issued by different banks.
HDFC Bank, SBI Card, ICICI Bank, Axis Bank and Kotak Bank are the top five credit issuers in the country.
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