Mumbai: Credit card payment defaults have increased in India during the April-June 2023 quarter. A report published by TransUnion CIBIL has revealed this.
As per the report, serious delinquency (with payment overdue of over 90 days) in credit cards jumped by 66 basis points year-on-year to 2.94% during the June 2023 quarter. A basis point is 100th of a percentage point. Delinquency refers to a situation where the borrower is overdue on repayments.
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The report also updated that consumer durable loans remained unchanged in credit defaults, other categories like home loans, loans against property, auto loans, two-wheeler loans and personal loans saw a decline in delinquencies in the range of (-)4 bps and (-)119 bps.
Earlier Reserve Bank of India in a report revealed that credit card balances crossed Rs 2 trillion in April 2023. The total value of products and services purchased using credit cards stood at Rs 1.3 trillion in April 2023.
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