Defaults in the credit card segment are rising. Gross non-performing assets (GNPA) in the credit card segment of banks rose by Rs 951 crore to Rs 4,073 crore in the fiscal ended March 2023 from Rs 3,122 crore in the year ended March 2022, according to the latest data obtained from the Reserve Bank of India (RBI) under the Right to Information (RTI) Act.
As of December 2022, gross NPAs in the segment stood at Rs 3,887 crore, the RBI had said in a reply to an RTI filed earlier by the Indian Express. This means card holders defaulted another Rs 186 crore in the three months ended March 2023.
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