Business News›Tech›Tech & Internet›Credit card spends fell 7% in January, marking end of festive season
Credit card spends fell 7% in January, marking end of festive season
Synopsis
Spending fell 7% sequentially to Rs 88,000 crore in the first month of this year. Axis Bank and Kotak Mahindra Bank were the only banks that did not see a drop.
Mumbai: Credit card spends fell in January from the previous month, signalling easing of consumer spending after the festive season. Spending fell 7% sequentially to Rs 88,000 crore in the first month of this year. Axis Bank and Kotak Mahindra Bank were the only banks that did not see a drop. Among larger players, HDFC Bank saw a decline of 8% in credit card spending from December. SBI Cards recorded a 6% fall and ICICI Bank a 5%
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