Nearly three million credit card were removed from circulation during 2008-09, data released by Reserve Bank of India reveals.
India’s credit card base reduced by 2.85 million to 24.69 million as on March 31, 2009 as against 27.54 million at the end of the pevious year. In March 2009 itself, the credit cards industry eliminated 813,00 credit cards — the highest culling in a single month.