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This is a significant jump from the 350,000 cards issued in November 2024. HDFC Bank and SBI Cards were the key players, together contributing for more than half of the new cards.
Experts believe lenders are looking to capitalise on increased spending during the wedding season, as credit card spending in December spiked by nearly 11% sequentially, reaching ₹1.9 lakh crore.
«Despite the system-wide stress in unsecured segment, credit card players have been driving up card additions among creditworthy customers in newer geographies, as they want to capitalise on the ongoing wedding season and upcoming summer holidays,» said a banker.
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