June Sees Slight Dip in Credit Card Spending, RBI Data Reveals

In June, the cumulative credit card data (online and POS combined) showed muted growth vis-à-vis May, according to the latest Reserve Bank of India (RBI) data.

Total Value In May & June

In June, the total value of financial transactions done by credit cards issued by banks at PoS terminals stood at 67K crore. In May, the total value was 69.6K crore. In June, the value of online and e-commerce credit card transactions stood at 115K crore against 120K crore in May, according to the RBI data.

Data Of Banks

Credit card numbers show the same trend. The number of outstanding cards is flat. The total number of outstanding cards in June stood at 11,11,97,361 against 11,11,97,596 in May. The June data of HDFC Bank shows 2.44 crore outstanding cards. For ICICI Bank, it is 1.79 crore. BOB has 30.28 lakh outstanding cards. Axis Bank has 1.50 crore.

In May, HDFC Bank had 2.42 crore outstanding cards. ICICI Bank had 1.82 crore. BOB had 30.17 lakh, Axis Bank 1.50 crore. The number of HDFC's outstanding cards declined, and BOB rose marginally, while that of ICICI Bank declined.

When it comes to debit cards, the total value of card transactions (via POS) in June stood at 2.3 lakh crore and via online, they stood at 1.22 lakh crore. The corresponding figures for May were 2.47 lakh crore and 1.21 lakh crore, respectively.

Study Analyses Financial Behaviour

According to another study, 93% of salaried respondents earning less than Rs 50,000 per month rely on credit cards, reported PTI. Over a year-long period, the study analysed the financial behaviour of more than 20,000 salaried and self-employed individuals. It stated that 85% of self-employed individuals rely on credit cards.