The industry added 0.51 million credit cards in the month of June, a drop of 33% from 0.76 million cards added in May 2024. The card addition declined by 45% when compared with 0.93 million in June 2023.
Ankit Gohel
Published1 Aug 2024, 01:43 PM IST
Credit card spend volumes in June grew 36.2% YoY to ₹357 lakh crore.
Banking industry’s net addition of credit cards in June 2024 was at its slowest pace since October 2022. While HDFC Bank and Kotak Mahindra Bank continued to lose market share in credit cards in force (CIF), Axis Bank lost volumes and value, according to a report by brokerage firm Anand Rathi.
The industry added 0.51 million credit cards in the month of June, a drop of 33% from 0.76 million cards added in May 2024. The card addition declined by 45% when compared with 0.93 million in June 2023.
“This is the lowest figure since October 2022. With net additions lower than in May, the industry saw cards in force increase 17% YoY in June,” the Anand Rathi report said.
Play
Unmute
Loaded: 4.84%
Fullscreen
Also Read | RBI asks banks and other lenders to hunt down wilful defaulters