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.