Growth In Credit

Published On: June 26, 2023 - According to the Reserve Bank of India (RBI) data, credit card dues in April surpassed the milestone of Rs 2 lakh crore for the first time. The outstanding balances on credit cards reached Rs 2,00,258 crore, marking a substantial 29.7% increase compared to the same period last year. Additionally, the total value of credit card transactions, including both swiped and online transactions, exceeded Rs 1.3 lakh crore in April 2023. While the surge in credit card dues cannot be solely attributed to mounting debt, it also reflects the growing utilization of credit cards for payments and the impact of inflation.