February typically sees a slight dip in spends compared to other months because it has fewer days. In January, spends had touched Rs 1.26 trillion, the second highest figure ever
Attributes trend to value-added services such as EMI and BNPL which are allowing consumers to use cards for big-ticket transactions, as opposed to small-ticket earlier
In a Q&A, R Subramaniakumar dwells on the lender's strategy to fuel growth in credit cards and microfinance, and plans to mop up deposits in an increasingly difficult market
Banking system saw a net reduction of close to 290,000 cards during this period, impacted by RBI norms warranting deactivation of cards that are inactive for a year
Rama Mohan Rao Amara, MD & CEO, SBI Card spoke on the reasons behind record spends, the company's ideal run rate of issuance of credit cards, impact of RBI's discussion paper on payment charges.
Axis Bank is satisfied with the performance of Citi India's credit card portfolio when gauged by spends and Non-Performing Assets (NPAs), executive from the third largest private sector lender said
Banks and non-banking financial companies (NBFCs) were to implement the Master Direction on 'Credit Card and Debit Card - Issuance and Conduct Directions, 2022' from July 1.
Expenditure on food and utility bills remained consistent during all months while food and beverages saw high spending after the lockdown restrictions were eased from July to October