Credit cards are very much liked by Indians, spending in May reached a record level of 1.4 lakh crores

Spending through credit cards reached a record high of Rs 1.4 lakh crore in May. This information was given in the data released by the Reserve Bank of India. Credit card spending, however, has remained in a range like last fiscal and has seen a growth of five percent on a month-on-month basis.
The number of credit cards has increased by 5 million (50 lacks) since the beginning of 2023 and has touched the figure of 87.4 million (8.74 crores). This information was received from the data of RBI. Two million credit cards have been added in two months of the current financial year.
It was informed in the data that the country has reached 82.4 million (8.24 crore) in January 2023, 83.3 million (8.33 crore) in February, 85.3 million (8.53 crore) in March, and 86.5 million (8.65 crores) in April.
In the financial year 2022-23, the expenditure from credit cards was between 1.1 lakh crore to 1.2 lakh crore. 1.4 lakh crore in May. According to RBI data, the average credit card spend has been Rs 16,144.
Country's largest credit card companies: -
- HDFC Bank - 1.81 crore
- SBI Cards - 1.71 crores
- ICICI Bank - 1.46 crores
- Axis Bank - 1.24 crores
The number of non-payment of credit card bills for more than 90 days has been 2.94 percent. It has increased by 0.66 percent as compared to last year. However, the asset quality of personal loans improved by 0.04 percent to 0.94 percent during the same period.