Digital Payments Tracker - Outstanding Credit Cards Grew 8.5% YoY In April; Spends Declined: Motilal Oswal
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Motilal Oswal Report
The banking system reported net additions of ~211,000 new credit cards in April 2021 (47% month-on-month decline).
This has taken the total credit card base to ~62.3 million (8.5% YoY growth) versus a 7.5% YoY growth in March 2021.
Among major players, ICICI Bank Ltd. reported strong (18%) YoY growth, followed by IndusInd Bank Ltd. (15.2%), RBL Bank Ltd. (14.4%), and SBI Card and Payment Services Ltd. (13.6%) in April 2021.
ICICI Bank and SBI Cards were the largest credit card acquirers, adding nearly ~248,000 new cards.
Credit card spends fell 18% month-on-month to Rs 594 billion in April 2021.
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