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Festivals boost credit card spends to record high of Rs 1.29 trillion

On a year-on-year (YoY) basis, spends were up over 25 per cent, despite a high base

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Card spends have consistently topped Rs 1 trillion in the past eight months, led by the rising share of e-commerce transactions.

Subrata Panda Mumbai

2 min read Last Updated : Nov 28 2022 | 5:13 PM IST

Aided by festival season purchases, credit card spends touched an all-time high of Rs 1.29 trillion in October, the latest data released by the Reserve Bank of India (RBI) showed. This is 5.5 per cent higher than the previous month’s figure of Rs 1.22 trillion.

On a year-on-year (YoY) basis, spends were up over 25 per cent, despite a high base. In October last year, credit card spends topped the Rs 1-trillion mark for the first time, buoyed by festival season spending.

After a net reduction in credit cards for the past two months as RBI norms mandated card issuers

Topics : Reserve Bank of India festive season Credit cards RBI Banks e-commerce transactions Credit card money SBI Cards ICICI Bank RBI Policy Credit card industry

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