Thursday, February 2, 2023

COVID Impact: Credit card transactions dropped by 21.57 percent in February.

According to RBI numbers, over 5.49 lakh new Credit card were released in February. In the aftermath of the COVID-19 Pandemic, the issuance of new credit cards has come to a halt. People were seen spending less on credit cards due to low income and rising inflation.

According to data released by the Reserve Bank of India, new credit card issuance decreased by 47 percent year on year and 21.57 percent month on month in February.

According to RBI numbers, over 5.49 lakh new credit cards were released in February. According to RBI data, private sector lender ICICI Bank led the pack in terms of new credit card issuances (36% new cards).

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Number of unpaid cards at the end of the month

11741211 – STATE BANK OF INDIA

7036379 – AXIS BANK LTD

15197803 – HDFC BANK LTD

10376124 – ICICI BANK LTD

1506654 – INDUSIND BANK LTD

2379210 – KOTAK MAHINDRA BANK LTD

914879 – YES BANK LTD

2645784 – CITI BANK

1463859 – STANDARD CHARTERED BANK LTD

Credit card use is decreasing.

According to experts, the difficult situation caused by the coronavirus pandemic has resulted in a decrease in credit card purchases. Recognizing the unparalleled economic challenges posed by COVID-19, credit card users seem to be treading carefully as well.

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