The number of credit cards in the country reached 10 crores, breaking the record only last month, RBI announced the figures

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Credit Card News | The number of credit cards issued by banks has increased to close to 10 crores. The highest number of 19 lakh credit cards was issued in December last year. According to the latest data from the Reserve Bank of India (RBI), there were a total of 9.79 crore credit cards in the banking system in December. 1.67 crore new credit cards were issued in 2023 while 1.22 crore credit cards were added in 2022.

Usage increased in last 5 years

Credit card use has steadily increased over the past five years. About 5.55 crore cards were in circulation in December 2019, which increased by about 77 percent to 9.79 crore in December 2023. Banks' emphasis on issuing credit cards and changes in people's lifestyles have increased the currency of credit cards.

Why did credit card currency increase?

An expert said, 'The trend of credit cards has increased due to the marketing of credit cards by banks and changes in the spending habits of consumers. Banks issue credit cards to people based on their merit. Earlier, getting a credit card was not easy. Banks issue many types of credit cards due to which the total number of credit cards has increased. However, now the pace of issuing credit cards has slowed down a bit. Bhalerao said that the demand for credit cards among consumers has increased due to features like 'Zero Cost EMI'.

Which bank issued the most credit cards?

HDFC Bank, the largest private sector bank, is at the top in issuing credit cards. Among the total credit cards in circulation, the number of cards of this bank is 1.98 crore, which was 1.95 crore in November. Earlier in the week, HDFC Bank said it had touched the 2 crore credit card mark in January. As of December 2023, SBI Card had a total of 1.84 crore credit cards. The number of cards issued by ICICI Bank has increased to 1.64 crore while the total number of cards issued by Axis Bank is 1.35 crore. Meanwhile, credit card spending in December 2023 will increase to Rs. 1.65 lakh crore, which in November was Rs. 1.61 lakh crore was.

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