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Credit card spending surges 27% in FY24 (RBI Data)
The Business Guardian
|April 26, 2024
The Reserve Bank of India (RBI) recently released data indicating a significant surge in credit card spends during the financial year 2023-24 (FY24).
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Credit card transactions witnessed a remarkable 27 percent year-on-year (Y-o-Y) growth, reaching Rs 18.26 trillion compared to nearly Rs 14 trillion in the previous year.
In March 2024 alone, credit card spends rose by approximately 10.07 percent to Rs 1.64 trillion from Rs 1.49 trillion in February. The increase in March is attributed to the closure of the financial year and heightened sales during the festival season.
Saurabh Bhalerao, Associate Director at CareEdge Ratings, attributed the surge in transactions to the festival season and year-end activities. However, Bhalerao also mentioned the likelihood of a moderation in growth due to a higher base and increased regulatory scrutiny.
Dit verhaal komt uit de April 26, 2024-editie van The Business Guardian.
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