This bank is in the first place for Credit card expenses..!?

Sowmiya Sriram
This bank is in the first place for Credit card expenses..!?

In india, the number of new buyers of credit cards is increasing every month and it is also known that the amount spent through credit cards is also increasing. In this situation, it has been reported that in July, credit card spending increased by 6.4% and a total of 1.16 lakh crore rupees has been spent through credit cards.

The number of credit card transactions has increased by 3.1 percent, data released by the RBI has revealed. The number of credit card transactions rose 3.1 percent from june to 23.5 crores in July, RBI said. RBI also said that the pace of new credit card issuance slowed in July and the number of cards outstanding at the end of July increased by 1.95 percent month-on-month to 8.03 crore. DBS bank, SBM bank, AU Small Finance bank, South indian bank, and Federal bank RBI data shows that credit cards are over-issued.
Both credit card issuance and spending have been on the rise since april this year. The country's economic revival and rising consumer purchasing power, along with the rise in e-commerce transactions, have been attributed to the increase in credit card spending. Economists predict that credit card spending will increase in the coming years, especially due to expectations of increased travel and spending during the festive season.
 HDFC bank tops both the number of credit cards and credit card spending. The bank had a 28.4 percent market share in credit card spending in July. It is also worth noting that credit card spending for July was Rs 2,845 crore.
State bank of india is the most involved in credit card transactions after hdfc Bank.
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