Credit Card: The use of credit card increased by storm! Expenditure of more than 2 lakh crores in a month; ‘These’ top two banks

• The use of credit cards increased by storm!
• Expenditure of more than 2 lakh crores in a month
• ‘These’ top two banks

Credit Card Market: Credit card spending has once again crossed Rs 2 lakh crore in the month of June. According to the latest Reserve Bank of India data, people spent a total of Rs 2.01 lakh crore using credit cards in the month of June. This represents a 9.8% increase in credit card spending over the previous year. Even in the month of May, credit card spending was Rs 2.02 lakh crore. But some large private banks saw a decline in costs in June. Still, credit card spending figures remain strong. “text-align: justify;”> E20 Janta Party: Will the issue burn? Entry of E20 Janata Party after CJP! Huge demand for 100% pure petrol on social media

9.36% growth over previous year

According to statistics, the use of credit cards is increasing more than ever. The number of credit cards reached 121.6 million in June, a 9.36% increase over the previous year. Moreover, the number of credit cards increased by approximately 0.95% on a monthly basis. In the month of June, there was a difference in the spending on credit cards of many banks. Some banks saw an increase in costs, while others saw a decrease. This is due to changing spending patterns and increasing use of digital payments. Given the risks associated with loans, some private banks are still proceeding with caution. As a result, the growth of some private banks has slowed down.

Significant benefits for public sector banks

Credit card spending has also benefited from the increased use of UPI-enabled credit cards and RuPay credit cards. Public sector banks are getting special benefit from this. New credit cards are also continuously being issued, increasing the number of card users.
The number of new credit card issuances also increased in the month of June. Many banks have issued new cards. HDFC Bank, SBI Cards, ICICI Bank and Axis Bank also introduced new cards in June, further increasing the total number of cards issued.
The growing use of credit cards reflects the growing adoption of digital platforms for purchasing goods and making payments. But credit card balance should be paid back on time to avoid high charges and interest.

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