look news india
Ahmedabad: There has been a huge increase of 25 percent in credit card expenses in September. This is the fastest increase in the last 6 months. For the first time in February 2024, the cost increased by more than 20 percent. According to the latest data of Reserve Bank of India, the expenditure in the month of September was Rs. Which was Rs 1.76 lakh crore. 1.42 lakh crore. Rs 1.68 lakh crore was spent through credit cards in August 2024.
Experts say the strong growth is due to base effect and festive demand. Carriage Ratings said the increase in credit card spend is due to a lower base from the same period last year and increase in festive spending.
Apart from this, incentive schemes like EMI have also been affected during the festive season. Due to the festival and all the incentive schemes related to it, there is a possibility of improvement in expenditure in the coming time. Reserve Bank Governor Shaktikanta Das recently said that festive season demand is giving mixed signals on India's economic growth.
But the positive signs outweigh the negative indicators and India's economy is performing well. The pressure of credit cards and microfinance has increased on some private sector banks during July-September. In the case of credit cards, there are some segments where there are signs of initial stress and debt.
HDFC Bank, the largest credit card issuer, has seen its credit card charges rise to Rs. Which was Rs 52,226.59 crore in September 2023. 38,661.8 crores. SBI card transactions increased by 11 percent to Rs. 27,714.7 crore, ICICI Bank card spend increased 24 percent to Rs. 31,457 crore and from Axis Bank which increased by 15.1 percent to Rs. 18,721.9 crores has been made.