Credit card spending in India crossed the ₹2 trillion mark again in June, supported by strong growth from HDFC Bank and SBI Card, according to the latest data released by the Reserve Bank of India (RBI).
Overall credit card transactions increased 9.8% year-on-year to ₹2.01 trillion in June, compared with ₹2.02 trillion in May. While some major private sector banks witnessed a decline compared with the previous month, overall spending remained strong.
HDFC Bank, India’s largest credit card issuer, recorded a 16.2% year-on-year growth in card spending, reaching ₹59,432 crore in June. Meanwhile, SBI Card reported the strongest growth among major players, with spending rising 34.4% year-on-year to ₹41,077 crore.
In comparison, ICICI Bank’s credit card spending declined 5.2% year-on-year to ₹31,410.9 crore, while Axis Bank saw a marginal increase of 1.4% to ₹22,174.8 crore.
According to analysts, growth in the credit card market has been supported mainly by public sector banks, especially through increased adoption of UPI-linked credit cards and RuPay credit cards. Private banks have remained more cautious due to concerns around unsecured lending and asset quality.
The total number of credit cards issued in India also continued to rise, reaching 121.6 million cards, up 0.95% month-on-month and 9.36% year-on-year.
During June, HDFC Bank added 163,511 new cards, increasing its total card base to 26.75 million. SBI Card added 162,664 cards to reach 22.5 million, while ICICI Bank added 151,352 cards, taking its total to 19.52 million. Axis Bank added 48,636 cards, bringing its card base to 16.19 million.
Experts said the continued growth in credit card usage reflects rising digital payments adoption and increasing consumer spending, while banks continue to balance expansion with risk management in the unsecured lending segment.
