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Credit cards get a festive boost, spending increases 25% in Sep
Business Standard
|October 30, 2024
Credit card spending in September recorded strong growth of 25 per cent year-on-year (Y-o-Y), marking the highest increase in six months. Even as many banks saw higher slippages during the July-September quarter of 2024-25, spending growth exceeded 20 per cent for the first time since February.
According to the latest data released by the Reserve Bank of India (RBI), September spending reached ₹1.76 trillion, compared to ₹1.42 trillion in the same period a year ago. In August 2024, credit card spending was ₹1.68 trillion.
Experts attributed this healthy growth to festival demand and a favourable base effect.
"The growth in credit card spending is driven by a lower base in the previous year and the festival season. There has been an increase in promotional schemes like equated monthly instalments during the festival period. Looking ahead, October is also likely to see a rise in spending due to the festival season and associated promotional activities," said Saurabh Bhalerao, head of BFSI research at CareEdge Ratings.
Diese Geschichte stammt aus der October 30, 2024-Ausgabe von Business Standard.
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