Key Highlights :
1. The credit card outstanding in January rose 29.6 per cent to reach an all-time high of Rs 1.87 lakh crore
2. This increase is likely due to increased spending on digitised categories, such as health and fitness, education, utility bills, among others
3. The ease of payments has definitely contributed to this increase
4. The annual growth in credit card outstanding in January 2023 was 29.6 per cent
5. Since then the outstanding amount has increased from Rs 1,41,254 crore in January 2022 to Rs 1,86,783 crore in January this year.
The credit card outstanding in January rose 29.6 per cent to reach an all-time high of Rs 1.87 lakh crore on back of increased digitisation and rising consumer confidence in the post-Covid period. As per the latest data of the Reserve Bank, the credit card outstanding has recorded a growth of over 20 per cent in the 10 months of the current fiscal. June had recorded the highest growth of 30.7 per cent.
Continue Reading at Source : news18