Credit cards’ numbers have grown for a fourth consecutive month, with banks issuing about 113,000 in June.
The total in the country is now 1.8 million, data released by the Reserve Bank of India show.
HDFC Bank issued the most number of cards in June (79,149). State Bank of India issued 34,301 and Axis Bank 20,598 cards. HSBC reduced its credit card portfolio by 23,667.
The credit card base was at a peak at the end of March 2008 when the number was 27.6 million. Since then, the base was constantly shrinking as banks played safe due to the economic downturn of 2008. However, since the past few months, banks have started expanding their credit cards portfolio.
A recent study by the credit information bureau showed that credit card holders now promptly repay debt, giving confidence to banks to start focusing again on the business.