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Credit card outstanding rose 30% in January 2023

By Crox Times: The credit card outstanding in January rose to 29.6% to reach an all-time high of nearly 1.9 Crore on the back of increased digitalization and rising dependency of customers towards credit cards. 

As per RBI, the credit card outstanding has recorded growth of over 20% in the 10 months of the Current Financial Year. 

The MD & SBI Card Rama Mohan Rao Amara said, “Many categories have been digitalized that has resulted in enhanced expenditures using credit cards”

The ease of payments has definitely contributed to this sudden increase in spending in categories such as health, fitness, and education. He further added by the end of 2023, there would be nearly 8.3 Crore credit cards issued by different banks and agencies.

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