‘Consumer durables, education & travel lift credit card spending'

SALILA PANDE, MD AND CEO, SBI CARD

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SBI Card crossed the ₹1 lakh crore milestone in spending for the first time, buoyed by GST rationalisation, interest-rate cuts and income-tax reforms that lifted disposable incomes and consumer confidence.

Salila Pande, MD & CEO, says in an interaction with Mahesh Nayak that the growth momentum is likely to extend into the first quarter of fiscal 2027, led by consumer durables, education and travel. Excerpts:

How do you see current trends in consumer spending, especially given the festive season and recent policy measures?

For the first time, our spending crossed the ₹1 lakh crore, reaching ₹1,07,063 crore, a 31% year-on-year (YoY) increase, with retail spending rising nearly 17%.

Growth was supported by GST rationalisation, rate cuts and income-tax reforms that boosted disposable income and consumer confidence. The festive season added momentum, and while that surge has tapered, spending remains resilient. This underlines the strength of India's consumer base. Over the long term, we expect robust expansion in card spending and the broader economy, while in the near term supportive policies and demographic tailwinds should keep growth healthy and sustainable.

Are there particular segments driving spending, or is it broad-based?