As Covid-19 second wave wanes, credit card spending rises in India

HDFC Bank plans to aggressively issue cards after central bank withdraws ban, helping sector to make more gains.

Indians are spending on their credit cards like before the coronavirus pandemic hit the country late 2020 as restrictions are eased on public movement and businesses, shows data released by the Reserve Bank of India (RBI).

Credit card spending dipped to Rs 52,131 crore in May this year. It increased to Rs 62,746 crore in June—a number higher than in February but marginally below levels seen in January.

Spending in June 2021 was slightly more than February 2020--a time before the pandemic--but lower than the January 2020 number of Rs 67,000 crore. March recorded the highest credit card spending, of