New Delhi: Issuance of recent credit score card has come to a standstill in the wake of the COVID-19 Pandemic. Amidst low revenue and elevated inflation, folks had been seen spending much less on bank cards.
New credit score card issuance fell in the month of February, posting a decline of 47% year-on-year and 21.57% month-on-month, as per a knowledge issued by the Reserve Bank of India.
Over 5.49 lakh new bank cards had been issued in February, the RBI knowledge confirmed. Private sector lender ICICI Bank was main the pack of contemporary issuances of recent bank cards (36% new playing cards), the RBI knowledge confirmed.
No. of excellent playing cards as on the finish of the month
STATE BANK OF INDIA: 11741211Â Â Â Â Â Â Â Â Â Â Â Â Â Â
AXIS BANK LTD: 7036379
HDFC BANK LTD: 15197803
ICICI BANK LTD: 10376124
INDUSIND BANK LTD: 1506654
KOTAK MAHINDRA BANK LTD: 2379210
YES BANK LTD: 914879
CITI BANK: 2645784
STANDARD CHARTERED BANK LTD: 1463859
Decline in credit score card utilization
The difficult state of affairs on account of coronavirus pandemic has additional led to say no in utilization of credit score card transactions, specialists mentioned. Recognising the unprecedented challenges in the financial state of affairs on account of COVID-19, credit score card customers too are appear to be treading with warning.
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