Credit card delinquencies surge 44% to ₹33,886 cr

INDIA'S CREDIT CARD economy, a symbol of growing consumer confidence and digital empowerment, is showing some signs of strain.

- GEORGE MATHEW

Credit card delinquencies in the 91-360 days overdue category have soared by a staggering 44.34% over the past year, reaching ₹33,886.5 crore as of March, up from ₹23,475.6 crore in March 2024, according to the latest data from CRIF High Mark.

This sharp rise highlights a growing vulnerability among borrowers, particularly in the 91-360 days category, a segment that banking regulations categorize as non-performing assets (NPAs) in the case of bank loans. Effectively, credit card holders have defaulted on nearly ₹34,000 crore of debt that has remained unpaid for over 91 days. A closer look at the numbers reveals a disturbing trend. In the 91-180 days overdue segment alone, the delinquent amount jumped to ₹29,983.6 crore, compared to ₹20,872.6 crore a year earlier, and has almost doubled from the March 2023 level, data prepared by CRIF High Mark states.