Credit card spends in Dec cross Rs 1 trillion for 10th month in a row

Net card addition fell substantially in December to 580,000

After a sequential fall in November, due to high base and waning of the festival season effect, credit card spends have picked up again in December, recording over Rs 1 trillion for the 10th consecutive month.
 

Latest figures released by the Reserve Bank of India (RBI) show that credit card spends in December 2022 touched Rs 1.26 trillion, up 10.21 per cent compared to November. And, on a year-on-year (YoY) basis, spends were up 34.31 per cent during this period.
 

While HDFC Bank’s spends increased by 9.32 per cent month-on-month (MoM), ICICI Bank saw spends go up by almost 13