Mumbai: The credit card spends in the country crossed Rs 1 trillion mark for the first time in October. The Reserve Bank of India (RBI) revealed this. As per the data released by the RBI, the credit card spends reported a growth of 25% on a month-on-month basis and 56% on year-on-year basis. Total credit card spends in October 2020 was Rs 64,891.96 crore.
The earlier highest one-month spend came in September this year at Rs 80,477.18 crore. In August it was Rs 77,981 crore. In January and February of 2020, credit card spends were Rs 67,402.25 crore and Rs 62,902.93 crore, respectively.
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In October around 1.33 million new credit cards were added. This was around 1.09 million in September and 520,000 cards in August. HDFC Bank — the biggest issuer of credit cards in the country — added 258,285 credit cards in October. ICICI Bank added 278,189 cards; Axis Bank 219,533 cards, and SBI Cards 183,960 cards.
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