When consumers went on a spending spree using credit cards during the festival month of October 2023, card transactions spurted by Rs 36,000 crore to Rs 1.78 lakh crore from September’s Rs 1.42 lakh crore. However, card transactions declined to Rs 1.60 lakh crore in November when most festival offers ended, Reserve Bank of India (RBI) data shows.
As retail companies and e-commerce majors like Amazon and Flipkart offered discounts during the month, consumers splurged heavily, adding to card outstandings. As a result, credit card outstanding (amount that remains unpaid by card users) continued to remain elevated in November 2023, reaching Rs 2.44 lakh crore, 34.2 per cent higher than Rs 1.82 lakh crore in the same period of last year.
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