June credit card spends remain above Rs 1 trillion-mark, shows data

Notwithstanding MoM decline, spends up fourth month on the trot

Credit card spends in June, although down marginally month-on-month (MoM), remained above the Rs 1-trillion mark for the fourth consecutive month. In June, credit card spends topped Rs 1.09 trillion, down 4.34 per cent MoM, revealed the data released by the Reserve Bank of India (RBI). However, on a year-on-year basis, spends were up 73 per cent.

In May, credit card spends hit an all-time high, reaching Rs 1.14 trillion.

The banking system added over 1.84 million credit cards in June, taking the outstanding credit cards in the system to 78.72 million.

The surge in card addition was led by