Record spending of Rs 1.22 trillion through credit cards in September

Mumbai: With the increase in demand for festivals, the spending through credit cards has also seen a record number in September. According to Reserve Bank data, consumers spent Rs 1.22 trillion through credit cards in the country last month. An increase in spending through credit cards also indicates an economic recovery in the country.

The number of credit cards has also seen a net decrease of 2.90 lakhs due to RBI's stringent norms. RBI has directed banks to deactivate cards that have been inactive for more than a year.

The Reserve Bank of India data also revealed that there has been a nine percent increase in spending through credit cards in September compared to August of the current year, while there has been a 53 percent increase in spending in September of the current year compared to September of last year.

For the sixth consecutive month in September, spending through cards has been seen above one trillion rupees. Due to the increase in e-commerce purchases and incentive offers in the country, more spending is being done through credit cards.

The October figure is also expected to be higher considering the Dussehra-Diwali festival. The statistics also show that there are currently 7.77 crore credit cards operating in the country.