Credit cards in force hit a new high in June, surging to 88.7 million from 87.4 million in May even if spending declined to Rs. 1.37 trillion, as compared to Rs. 1.40 trillion in May.
According to latest data released by the Reserve Bank of India, HDFC Bank maintained its leadership position with 18.35 million cards, followed by SBI Card at 17.34 million, ICICI Bank at 14.8 million, and Axis Bank at 12.5 million.
During the post earnings analyst call, HDFC Bank said the bank issued 1.5 million cards in the April-June quarter (Q1) while its card spends have shown a robust growth of 30 per cent year-on-year, and 10 per cent sequentially.