Credit card spending hits record high at Rs 1.4 trn in May: RBI data
Credit card spending has hit a record high of Rs 1.4 trillion in May, the latest data from Reserver Bank of India showed.
The total spending or outstanding dues on credit cards, which remained rang-bound throughout the year in the previous fiscal, have been rising by 5 per cent month on month this year.
Similarly, the number of cards in use has also jumped by more than 5 million since January and crossed 87.4 million in the reporting month, making this also an all-time high in May, according to the RBI data.
Of the new additions, as much as 2 million were used in the first two months of the current fiscal alone.
In January 2023 there were 82.4 million active cards in the country. The number has been growing steadily and reached 83.3 million in February, ...