General, the variety of bank cards elevated month-over-month, however spending declined in April versus a rise in March, as per RBI knowledge.
Of the highest 4 bank card issuers, HDFC Financial institution prospects spent probably the most in April, whereas SBI Card, ICICI Financial institution, and Axis Financial institution reported a sequential drop in buyer spending, newest Reserve Financial institution of India (RBI) knowledge has proven.
HDFC Financial institution gained probably the most market share in buyer spending from January to March, from 24.8 p.c to 27.6 p.c. This was when the opposite three misplaced market share in buyer spending. Versus 280 foundation factors (bps) gained by HDFC Financial institution, ICICI Financial institution misplaced 181 bps, SBI Card misplaced 142 bps, whereas Axis Financial institution misplaced solely 3 bps.
Market share in bank card issuance
|HDFC Financial institution||22.40||22.46||22.69||22.97|
|ICICI Financial institution||17.47||17.63||17.81||17.92|
|Axis Financial institution||12.32||12.27||11.99||11.80|
However although HDFC Financial institution prospects spent probably the most and the lender continued to be the chief by way of the market share in bank cards issued, the variety of playing cards being given out declined for the fourth month in a row.
Upward momentum in issuing bank cards continued for the tenth month in a row for Axis Financial institution. The opposite two of the highest 4 issuers, ICICI Financial institution and SBI Card, additionally issued lesser bank cards for the fourth month in a row. The highest 4 issuers’ market share was at 70.74 p.c by way of bank card issuance in April 2022 versus 71.83 p.c as of December 2021.
Bank card is probably the most worthwhile enterprise for banks as rates of interest are very excessive, at and above 30 p.c.
General, the variety of bank cards elevated month-over-month, however spending declined in April versus a rise in March. This, regardless of April having extra holidays than the earlier month. Spends per card additionally declined in April in opposition to an increase in March.
|MoM progress in %||April’22||Mar’22||Feb’22||Jan’22|
|Variety of bank cards||2.09||2.68||2.07||1.89|
|Spends per card||-3.58||21.25||-3.96||-8.28|
First Revealed: IST