Credit card spend hits new high in May; bounce rates by value at 3-year low

Credit card spends hit an all-time high in May, reaching Rs 1.14 trillion and registering 8 per cent month-on-month growth over April, reveals the latest data released by the Reserve Bank of India (RBI). On a year-on-year (YoY) basis, card spends grew 118 per cent.

The banking system also saw healthy 1.7-million credit card additions in May – the highest in 27 months and 23.2 per cent higher than in the same month last year.

The surge in card additions was led by HDFC Bank, Axis Bank, SBI Card, and ICICI Bank. With May’s additions, the country’s total card base