In A First, Credit Card Spend Surpasses Rs 1 Trillion Mark In October: Report

The credit card spends in India surpassed the Rs 1 trillion mark for the first time in October 2021, as per the latest figures of the Reserve Bank of India (RBI).

Despite a high base of the previous month, spends in October rose by about 25 per cent on a month-on-month basis.

Moreover, the credit card spends shot up by a massive 56 per cent on a year-on-year basis (YoY), as it stood at only Rs 64,891.96 crore in October last year.

Further, the credit card spends in October broke the all-time record set in the preceding month of September itself, where spends worth Rs 80,477.18 crore was carried out through the credit card, reports Business Standard.

Buoyed by the festive season, online and physical expenditures too jumped up along with credit card spends in the month of October.

“Retail loans are growing and so are credit card spends. It is a steady rise, not a wild pattern. The bank will grow the credit card portfolio in a calibrated manner,” Federal Bank CEO and MD Shyam Srinivasan was quoted in the report as saying.

Furthermore, the banking system recorded about 1.33 new million credit card additions in October 2021 as well.