Number of credit cards dropped by over 22 lakh in August

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Mumbai: The number of credit cards has decreased significantly in August due to the new norms of the Reserve Bank. Compared to July, the number of credit cards has decreased by 22.60 lakh crore to 7.80 crore in August.

Following the Reserve Bank's new norm of deactivating credit cards that have not been used for more than a year, there has been a sharp decline in the number of credit cards.

Along with the decrease in the number of cards, the expenditure through them has also decreased by three percent compared to July, according to the Reserve Bank statistics.

Online spending through credit cards, which was Rs 74,089 crore in July, declined to Rs 67,414 crore in August. The expenditure on shops was Rs 41,766 crore in July, which increased to Rs 44,943 crore in August. It is also seen from the Reserve Bank statistics that the overall expenditure has decreased.

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