Despite concerns over economic slowdown, banks and NBFCs remain upbeat about consumer spending in the upcoming festival season with a number of new credit offerings lined up by them.
Data with the Reserve Bank of India reveal that the total number of credit cards in the country jumped to 5.02 crore by July this year against 4.01 crore a year ago. In contrast, outstanding debit cards fell to 84.06 crore by July 2019 from 96.2 crore a year ago.
Over the last few months, banks have been actively launching credit cards with enhanced features and also allowing EMI provisions on debit cards.
Some of these are exclusively targeted at millennials, who are being considered the new spending segment.
Debit card EMIs
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