look news india
According to the Reserve Bank report, credit card spending in the country increased by 27 percent to Rs 18.26 trillion in FY 24. In 2022-23, this figure was Rs 14 trillion. At the end of February 2024, the cards were 100.60 million, which increased to 101 million at the end of March. Credit card purchases increased by 10.07 percent to Rs 1.64 lakh crore in March. Which was Rs 1.49 trillion in the month of February. The increase in purchases in March was due to the festive season and the last month of the financial year. However, experts say that credit card spend will also see an increase due to regulatory scrutiny. Point of sales (POS) transactions increased to Rs 60,378 crore out of purchases of Rs 1.64 trillion in the month of March. Which was Rs 54,431.48 crore in February.
While e-commerce payments increased from Rs 0.95 trillion to Rs 1.05 trillion. The highest amount was Rs 43,471.29 crore through HDFC Bank credit card. Which was 8.57 percent more. In February this amount was Rs 40,288.51. Similarly, Axis Bank also showed 8.05 percent growth in transactions. It increased from Rs 17,528.97 crore in February to Rs 18,941 crore in March. ICICI Bank credit card usage increased by 14.49 percent. Purchases worth Rs 30,733.11 crore were made in March compared to Rs 26,843 crore in February. SBI card transactions increased by 7.32 percent. Total credit card issuances in India crossed 101 million in March 2024. HDFC Bank was a pioneer in credit card issuance. It had 20.59 million cracked cards in circulation. Among other major banks, the number of cards of SBI stood at 18.89 million, ICICI at 16.95 million and Axis Bank at 14.21 million.