According to the latest data released by the Reserve Bank of India (RBI), September spending reached ₹1.76 trillion, compared to ₹1.42 trillion in the same period a year ago. In August 2024, credit card spending was ₹1.68 trillion.
Experts attributed this healthy growth to festival demand and a favourable base effect.
"The growth in credit card spending is driven by a lower base in the previous year and the festival season. There has been an increase in promotional schemes like equated monthly instalments during the festival period. Looking ahead, October is also likely to see a rise in spending due to the festival season and associated promotional activities," said Saurabh Bhalerao, head of BFSI research at CareEdge Ratings.
This story is from the October 30, 2024 edition of Business Standard.
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This story is from the October 30, 2024 edition of Business Standard.
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