Credit card spending in India hit a record high of Rs 1.4 lakh crore in May, with total consumption increasing by 5% month-on-month this year.
The number of active credit cards significantly increased, surpassing 87.4 million in May, with over 5 million new cards added since January.
HDFC Bank is the market leader with 18.12 million cards in circulation and holds the largest share of outstanding dues, followed by SBI Card and ICICI Bank.
Despite the increase in credit card usage, credit card portfolio delinquency rate rose to 2.94 per cent in March 2023 indicating growing concerns about rising stress levels amongst individuals.