25/12/2024
Credit card spends in November dropped 16.1 per cent month-on-month (M-o-M) to Rs 1.7 trillion, owing to moderation in consumer spending, following strong festival season momentum in October, latest data by the Reserve Bank of India (RBI) showed.
Meanwhile, growth in credit card issuances also slowed significantly in November, with the industry adding only 350,000 net credit cards. This compares to 1.3 million net additions during the same period last year.
Net additions of credit cards started slowing down after the RBI, in November last year, increased risk weight for banks on unsecured lending.