Mumbai: In the first month of the current financial year i.e. April, the expenditure through credit card increased by 18 per cent to Rs 1.84 lakh crore. However, the Reserve Bank data shows that the expenditure has declined by 8.70 per cent as compared to March. The expenditure data in March was 2.01 trillion rupees. Which was at the highest level of four months.
Bankers hope that the expenditure from credit cards in the current financial year will be stable, given the increase in consumption demand.
Last month, the number of credit card issuing increased by 7.67 percent to 110.4 million. A total of 551,315 new cards were issued in April.
Given the pressure on unsafe retail portfolio, most banks are taking care in issuing credit cards.
A banker said that the rules for issuing new credit cards have been tightened, due to which the number of cards has decreased in recent months.
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