In January 2023, credit card outstanding reached an all-time high of Rs 1.87 lakh crore, up 29.6%, thanks to rising consumer confidence and quickening digitalization in the wake of the Covid-19 pandemic. The most recent Reserve Bank of India (RBI) statistics show that during the first ten months of the current fiscal year, credit card dues grew by more than 20 percent. In June, there was a maximum gain of 30.7 percent. 
Credit cards
According to Rama Mohan Rao Amara, managing director and chief executive officer (CEO), “Existing consumers are spending more through their credit cards due to the digitization of various categories.” With ease, he stated that. Payment convenience, particularly in areas like health and fitness, education, water and power bills, etc., has undoubtedly contributed to growth.
Using credit card
Rao stated that there has been a consistent rise in credit card spending over the previous few months when discussing the monthly patterns in credit card usage. The amount spent on credit cards in January of this year was Rs. 1.28 lakh crore, compared to Rs. 1.26 lakh crore in December of 2022. According to Rao, this growth represents a 45 percent annual rise, and over the past 11 months, credit card spending has remained above one lakh crore rupees.
Many banks had issued about 8.25 crore credit cards
by the end of January 2023. In terms of offering credit cards, the top five banks in the nation are HDFC Bank, SBI Card, ICICI Bank, Axis Bank, and Kotak Bank. According to Reserve Bank data, the annual growth in credit cards outstanding was 29.6% in January 2023 compared to roughly 10% in the same month a year earlier. The unpaid balance was Rs 1,41,254 crore in January 2022, and it was Rs 1,86,783 crore in January 2023.
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