Data released by the RBI showed that the total value of spending in physical stores spiked to Rs 77,267 crore in September this year, up from Rs 67,414 crore in August 2020 - an increase of 14%. This increase coincided with the beginning of the festival season, which started with Ganesh Chaturthi in the country.
The decline in the number of cards is because of a new RBI regulation that requires banks to deactivate cards that have not been used for over a month since issue.
This story is from the October 29, 2022 edition of The Times of India.
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This story is from the October 29, 2022 edition of The Times of India.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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