Credit card spends rise 14.5% in October on festive season purchases

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Credit card spends rise 14.5% in October on festive season purchases - Business Standard

Quick Summary:

Axis Bank—the fourth-largest credit card issuer—saw its outstanding cards fall by 20,573 during this period, data shows.

Additions in credit cards in October were led by HDFC Bank, the largest credit card issuer in the country, with 241,119 cards, followed by SBI Cards with 220,265 cards, and ICICI Bank with 138,541 cards.

The RBI, in its November bulletin, noted that several private banks are experiencing stress in small-ticket advances, credit cards, and personal loans, with a rise in over-leveraged clients and provisioning.