Credit Card: Due to the new variant of the corona virus, Omicron, there has been a decline in credit card spending in the month of January. Credit card spending has come down to Rs 87.7 lakh crore in January 2022, compared to Rs 93.9 lakh crore in December. This has come to the fore in the data released by RBI. It is believed that due to the new variant Omicron, many restrictions were imposed in many states.
According to RBI data, credit card spending had reached Rs 1 lakh crore in October 2021 due to the festive season. Experts believe that the pace of spending has come down but this is a temporary setback.
There was also a decline in credit card spending on a year-on-year basis in the month of December. Credit card spend fell to 35 per cent in December 2021 from 47 per cent in December 2020. However, on an annualized basis, the expenditure increased to Rs 64.7 lakh crore in January 2022. However, there has been an increase in credit card spending from the pre-Corona epidemic to the post-Corona epidemic period.
what is the reason
According to a foreign brokerage firm, credit card spending is higher than it was during the pre-pandemic days. January figures have declined. Which happened because of Omicron. It will improve when restrictions are eased.
Axis Bank credit card spends the most
In January 2022, there has been a reduction in the spending on credit cards of HDFC Bank, ICICI Bank and SBI Cards. HDFC Bank’s credit card spending has come down by 8 percent and stood at Rs 21.7 lakh crore. ICICI Bank’s credit card spending declined 5 per cent month-on-month to Rs 18.8 lakh crore, while SBI card holders spent 2 per cent more on credit cards to Rs 19 lakh crore. Apart from this, Axis Bank credit card holders used a lot. It saw an increase of 10 per cent and stood at Rs 7.6 lakh crore.
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130,000 credit cards issued in January
There have been 130,000 new credit cards issued in January. Cards from ICICI Bank, Axis Bank, HDFC Bank and SBI are included. ICICI Bank has issued the maximum number of new credit cards of 2.40 lakhs. ICICI Bank’s co-branded credit card with Amazon has proved to be the biggest helper in increasing this number.
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