Credit card spend hit an all-time high in May, reaching *1.14 trillion and registering 8 per cent month-on-month growth over April, reveals the latest data released by the Reserve Bank of India (RBI). On a year-on-year (YoY) basis, card spend grew 118 per cent.
The banking system also saw healthy 1.7-million credit card additions in May - the highest in 27 months and 23.2 per cent higher than in the same month last year.
The surge in card additions was led by HDFC Bank, Axis Bank, SBI Card, and ICICI Bank. With May's additions, the country's total card base is now at 76.9 million.
HDFC Bank added 38,500 cards in May, followed by Axis Bank (21,500), ICICI Bank (21,200), and SBI Card (20,200).
This story is from the June 28, 2022 edition of Business Standard.
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This story is from the June 28, 2022 edition of Business Standard.
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