New Delhi, Nov 7
Credit card spending in India rose 23 per cent year-on-year (YoY) to Rs 2.17 lakh crore in September, reaching an all-time high for the first time since 2020, attributed to bank-led festive offers, increasing consumer demand driven by the festive season spending and GST reduction, a report said on Friday.
An uptick in card issuances in the month has also pushed the spending. However, this growth was marginally lower than the 24 per cent growth seen in the same period last year.
Private sector banks (PVBs) maintained their dominance in the credit card spending market with a 74.2 per cent share in September 2025, although this was a 130-basis point decrease YoY, CareEdge Ratings said in its report.
Meanwhile, public sector banks (PSBs) increased their share to 21.2 per cent from 18.4 per cent. The PSB market remains concentrated among a few large players.