Demand for this specialty has grown significantly as a result of recent corporate scandals

Mumbai, Ta. 27 November 2020, Friday

Demand for credit cards is also on the rise in the country due to the growth in online shopping and digital transactions due to Corona. Demand for new credit cards has been higher in October this year than in October last year. Corona has drastically changed the way consumers buy.

According to Reserve Bank sources, demand for credit cards is increasing in small towns and non-urban areas. Banks check their credit history before issuing credit cards to customers. This shows an increase of 104 per cent over October last year.

In April of this year, the number of such investigations was five per cent lower on an annual basis. The lockdown imposed due to Corona had an impact on the investigation. It improved in July but was 31 per cent lower than in July last year.

There has been a complete improvement in the volume of inquiries for credit cards, indicating an improvement in consumer-related economic activity in the country, Reserve Bank sources said.

In October, the volume of inquiries from non-urban areas increased by 9 per cent year-on-year, while in urban areas it declined by 10 per cent, according to RBI data. Demand for the cards is on the rise as a result of increased social distance standards and e-commerce purchases, a banker said.