Bank card spending in India reached Rs 1,990 billion in January 2026, up 8.1 % year-on-year however down 2.7 % from December, pushed by decrease spending at high banks like SBI (down 4.7 %), ICICI (4.6 %), HDFC, and Axis. |
New Delhi: Bank card spending remained subdued at Rs 1,990 billion in January 2026, rising 8.1 per cent year-on-year, a report has mentioned on Wednesday. Nonetheless, knowledge compiled by Asit C. Mehta Funding Intermediates Restricted confirmed that it has declined by 2.7 per cent in comparison with the earlier month.
The report famous that the sequential decline in spending was largely pushed by decrease spends from the highest 4 banks. State Financial institution of India noticed the most important drop, with spending falling by Rs 18.7 billion or 4.7 per cent month-on-month. ICICI Financial institution’s spends declined by Rs 16.9 billion or 4.6 per cent, whereas HDFC Financial institution and Axis Financial institution reported declines of 1.3 per cent and a pair of.7 per cent respectively. Regardless of the month-to-month moderation, the business continued to see wholesome year-on-year development in transaction volumes.
Whole transactions stood at 537 million in January, largely flat in comparison with December however up 24.9 per cent from a yr in the past. Nonetheless, the tempo of development was decrease than historic traits, indicating some slowdown in momentum, the report acknowledged. The weak point in spending was broad-based, with each on-line and point-of-sale transactions declining in the course of the month. On-line spends fell 2.5 per cent, whereas point-of-sale spends dropped 3.17 per cent in comparison with December.
When it comes to market share, HDFC Financial institution managed to realize floor regardless of decrease total spending. Its market share rose 43 foundation factors month-on-month to twenty-eight.4 per cent, helped by a comparatively softer decline in spends in comparison with friends. In distinction, SBI and ICICI Financial institution misplaced 39 foundation factors and 34 foundation factors respectively on account of sharper spending declines. Amongst mid-sized banks, Sure Financial institution and Federal Financial institution confirmed comparatively higher efficiency.
Federal Financial institution, particularly, continued to develop its bank card base strongly, reporting 83 per cent year-on-year development in playing cards excellent. The financial institution added round 0.12 million playing cards in the course of the month, taking its whole playing cards in drive to 2.1 million. IDFC First Financial institution additionally recorded regular development, with its card portfolio rising 30 per cent year-on-year, as per the report.
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