After the central bank ruled banks and non-banking financial companies to increase risk weight for unsecured loans such as personal loans and credit cards, the market is expected to see loan growth moderating. Meanwhile, the use of credit cards by the people of India surged to a new high last month assisted by increasing sale transactions and e-commerce payments in the festive season. According to the reports, the payments made through credit cards surged to a new high by 25.35 percent taking it to Rs 1.78 trillion in October. Do you know how much was spent by Indians through credit cards in September 2023? If not, and some questions are swirling in your mind regarding RBI’s plan to increase risk weight for unsecured loans, the following sections are waiting for you. You are asked to stick with this page and go through the article till the end. Drag down the page and take a look below.
Speaking of the money spent in September 2023, a total of Rs 1.42 trillion was spent through credit cards by Indians. The next month the total sum of amount spent through credit cards increased by 25.35 percent and hit a new high of Rs 1.78 trillion in October 2023, which was assisted by e-commerce payments and point of sale transactions in the festive season. PoS (Point of Sale) transactions reportedly rose to Rs 57,774.35 crore while the e-commerce transactions surged to Rs 120,794.40 crore in October. Continue reading this article and learn more details.
Consumers made a total of Rs 451,73 crore from the country’s leading bank’s credit card, HDFC Bank, in September. Payments of HDFC Bank credit cards went from 38,661.86 crore to Rs 451,73.23 crore last month. The transaction from ICICI Bank’s credit card went to Rs 34,158 crore and Axis Bank’s credit card to Rs 21,728.93 crore. Keep reading this article for more in-depth details. Scroll down.
Speaking of transactions from SBI Cards, the largest public sector lender’s credit card payment grew from Rs 24,966.69 crore to Rs 35,406.01 crore in September. Cards issued by domestic lenders increased from 93.02 million in September to 94.71 million in October by 1.69 million. The senior analyst at India Ratings & Research, Ankit Jain said, “Higher credit card transactions in October were largely due to the commencement of the festive season and stronger activity on the consumer side. There is some moderation expected in loan growth for the credit card industry, largely on the back of concerns raised by the regulator in certain pockets of unsecured lending products,”