Mumbai: Credit card default rose to Rs 4,072 crore or 1.94% at the end of March 202. Minister of State for Finance Bhagwat Karad informed this in a written reply in Rajya Sabha.
‘As per the inputs received from RBI, in respect of defaults in credit cards, the gross non-performing assets (GNPAs) in credit cards was Rs 3,122 crore in March-2022 and Rs 4,072 crore in March-2023, while credit card outstanding in March-2022 and March-2023 was Rs 1.64 lakh crore and Rs 2.10 lakh crore, respectively,’ said Bhagwat Karad.
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GNPAs in credit cards have declined from 3.56% in March 2021 to 1.91% in March 2022. It now stand at 1.94% in March 2023 against the schedule commercial banks’ GNPA of 3.87% in March 2023.
The total number of frauds as reported by the cooperative banks during FY23 was 964 with amount involved to the tune of Rs 791.40 crore. During FY22, the total number of fraud was 729 and the amount involved was Rs 536.59 crore as against 438 frauds involving Rs 1,985.79 crore in FY21.
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