According to Motilal Oswal Financial Services, the lowest number of credit cards were issued in February. Its recovery can also be slow due to lockdown. In such a situation, banks are constantly making plans.
Nowadays most people are dependent on credit cards. Due to its usefulness in times of need, people are using it, but in the month of February, there has been a huge decline in the number of new credit cards in the country. Quoting data from the Reserve Bank of India (RBI), Motilal Oswal Financial Services Limited said that it has fallen by about 47%. Only 5.49 lakh new credit cards have been issued in February. It is believed that due to the lockdown caused by the corona, it has decreased.
According to the report, when compared to the issuance of new credit cards in the last one year, it has fallen by 47%, while on a quarterly basis there has been a decline of 22%. At present, the total credit card base in the country is 6.16 crore. ICICI Bank has also issued the highest number of credit cards in this declining period.
Which bank issued how many credit cards
According to the Digital Payments Tracker report, ICICI Bank issued the highest number of credit cards in February. Its market share has been 36.1%. While SBI was at number two. Issa market share was 18.1%. At the same time, Axis Bank finished third. ICICI Bank also won the credit card segment in FY 2021. The bank is at the top with 32.4% stake. While SBI card is at second place with 30.6% share.
Recovery can be slow
The second wave of Corona infection seems to be affecting the Indian economy again. It is also impacting the credit card market. According to the report of Motilal Oswal, the increase in the cases of COVID and the lockdown in various states may slow down the recovery of the credit card market.
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