Consumer expenditure through credit cards has shot up by 10.8 per cent year-on-year to Rs 1.84 lakh crore in January 2025 with HDFC Bank and ICICI Bank recording the highest increase, according to the latest data compiled by the RBI.
The country’s leading credit card issuer HDFC Bank registered a 15.91 per cent year-on-year growth to Rs 50,664 crore during the month while ICICI Bank’s credit card spending increased by 20.25 per cent to Rs 35,682 crore. However, SBI registered a 6 per cent decline to Rs 28,976 crore. Similarly, Axis Bank’s customers’ spending fell by 0.45 per cent to Rs 20,212 crore in January.
The per-card expenditure during the month worked out to Rs 16,910, which represents a 1.09 per cent increase over the same month last year.
HDFC Bank issued 2,99,761 new credit cards in January while SBI Cards added 2,34,537 new cards and ICICI Bank issued another 1,83,157 credit cards. However, Axis Bank’s net credit card additions declined by 14,862 during the month.