Summary:

According to RBI statistics, the overall number of active credit cards in India increased as banks issued over 9.2 lakh new cards in August 2024, up from 7.55 lakh in July, for a total of 10.55 crore. Credit card additions rose by 15.6% year on year, with a sequential increase of 0.9%. HDFC Bank topped with 2.41 lakh new cards, followed by ICICI Bank (1.45 lakh), Axis Bank (1.27 lakh), and SBI Cards (1.1 lakh).

Despite increase, analysts believe lenders are taking a cautious approach due to the RBI's riskweighting criteria for unsecured loans. Mr. Bunty Chawla, a banking analyst at IDBI Capital, reported a 22.3% month-over-month increase in net new cards in August 2024, but a 34.3% yearover-year decrease. Kotak Mahindra Bank, which is under RBI prohibition owing to technical difficulties, saw its credit card sales decline by 61,191 to 54.13 lakh. Additionally, credit card transaction volume growth slowed to 1.6%, with total expenditure down 2.6% month on month to US$ 20.21 billion.

Source: IBEF 

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