Credit card debt shrinks nearly 10% in June quarter due to nationwide lockdown

Mumbai: India’s credit-card debt shrank about a tenth in the June quarter when the pandemic was at its peak and a nationwide lockdown had shut down most shops for the greater part of April and May.The trend underscored the severity of the slump in consumption demand triggered by income uncertainty and risk aversion among banks that capped credit lines.Outstanding credit card loans for Indian banks between April and June fell to Rs 97,586 crore