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Net credit card additions down 48% to 2 mn in Q1
Business Standard
|July 25, 2024
Card spend flat at ₹4.79 trillion but likely to pick up in coming quarters
The net credit card additions in the banking sector nearly halved to 2 million in the first quarter of the current financial year (Q1FY25) from the previous quarter due to seasonal and regulatory factors.
According to the Reserve Bank of India (RBI) data, the net credit card additions during the April-June quarter of FY25 stood at 2 million, 48 per cent lower than 3.9 million in the December-March quarter of FY24.
In November 2023, the RBI said that credit card receivables of banks will attract a risk weight of 150 per cent against 125 per cent, and for non-banking financial companies (NBFCs), it would be 125 per cent, up from 100 per cent.
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