ICICI Bank recorded a 10% rise in spends in January over December while its fresh cards grew nearly 3%. In the overall tally, it gained 1.5% market share. The private lender ended January with 10.1 million credit cards and spends worth Rs 10,230 crore. The corresponding figures in December were 9.9 million and Rs 9,309 crore, respectively.
SBI cards, too, gained about a percentage point in market share, with total cards increasing to 11.6 million at the end of January against 11.4 million at the end of December, according to RBI data. Spends remained flat sequentially and grew to Rs 12,177 crore against Rs 12,134 crore at the end of December.
Axis Bank also saw its card base grow to more than 6.9 million against a little over 6.8 million in December. Credit card spends, though, declined to Rs 5,107 crore in January against Rs 5,215 crore in December.
ET had recently reported that
may have to wait more before it can issue new cards after a technical glitch in its services last month. The outage is likely to trigger an adverse audit report by the RBI appointed firm. The central bank, which has moved to a 24X7 payments cycle, has little tolerance for outages.
“The restriction imposed by the RBI on the bank’s credit card business is likely to remain an overhang on the stock as any relief in the form of the early lifting of the suspension could be delayed in the wake of recent tech outages,” said Anand Dama, senior research analyst with Emkay Global.
HDFC Bank has a market share of 35-40% in the payments market and a 25% share in credit cards. HDFC Bank used to add roughly around 2 lakhs credit cards per month pre-pandemic.