Credit Card Spending Reaches ₹2.19 Trillion in March, Highest in Three Months
Credit card spend touch 3-month high at ₹2.19 trillion in March: RBI data
Business Standard
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Credit card spending in India hit a three-month high of ₹2.19 trillion in March, driven by year-end financial transactions, as reported by the Reserve Bank of India. Year-on-year spending for FY26 rose by 11.98% to ₹23.62 trillion. Major banks like HDFC and SBI saw significant month-on-month increases in card usage.
- 01Credit card spending rose to ₹2.19 trillion in March, a three-month high.
- 02Year-on-year spending increased by 11.98% to ₹23.62 trillion in FY26.
- 03HDFC Bank and SBI Cards reported notable month-on-month growth in spending.
- 04E-commerce payments saw a 28.38% increase month-on-month.
- 05Credit card additions grew by 0.79% month-on-month, reaching 118.63 million.
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In March, credit card spending in India surged to ₹2.19 trillion, marking a three-month high, according to data from the Reserve Bank of India (RBI). This increase was largely attributed to year-end financial transactions. For the financial year 2025-26 (FY26), total credit card spending rose by 11.98% year-on-year, reaching ₹23.62 trillion, up from nearly ₹21.09 trillion in FY25. Month-on-month, spending increased by 23.81% from ₹1.77 trillion in February. Notably, point of sale (PoS) spending rose by 16.36% to ₹78,470 crore, while e-commerce payments jumped by 28.38% to ₹1.41 trillion. Major banks experienced significant growth; HDFC Bank's spending increased by 29.62% to ₹65,337.7 crore, while SBI Cards saw a 24.43% rise to ₹42,441.83 crore. The growth in credit card additions was modest, with a 0.79% month-on-month increase to 118.63 million cards, reflecting cautious industry sentiment due to rising delinquencies. Despite this, HDFC Bank's card issuance grew by 10.37% year-on-year, highlighting its strong market position.
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The increase in credit card spending indicates higher consumer confidence and spending power, which could lead to more credit card offers and benefits for consumers.
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