ਮੁੱਖ ਖ਼ਬਰਾਂਭਾਰਤ

Tremendous increase in credit card usage in the country in 5 years

Newspunjab

29 jan 2025

There has been a big jump in the number of credit cards (credit card growth). The number of credit cards in the country has doubled in the last five years to 10.80 crore by December 2024, which was 5.53 crore in December 2019. This information has been given in the latest report of the Reserve Bank of India (RBI report).

Credit cards are used more than debit cards.

In contrast, the number of debit cards (debit card usage) has remained relatively stable, increasing marginally from 80.53 crore in December 2019 to 99.09 crore in December 2024. According to RBI data, there were 447.23 crore credit card transactions in 2024, worth a total of Rs 20.37 lakh crore. At the same time, the number of debit card transactions was 173.90 crore and their value was Rs 5.16 lakh crore.

The report said that in recent years, debit card usage has declined (debit card decline), while credit card usage (credit card usage) has increased by 15 percent on an annual basis.

Increase in credit cards of government and private banks

The number of credit cards issued by public sector banks (PSU banks) increased from 122.6 lakh in December 2019 to 257.61 lakh by December 2024, a growth of over 110 percent. At the same time, private banks have issued 766 lakh credit cards by December 2024. The report also said that the urban and affluent segment (urban consumers) are now increasingly attracted towards co-branded and digital solutions.