Credit card dues grew just 2.1% y-o-y in September 2013 to INR235bn ($3.82bn) against a 21.8% growth in September last year, according to data released by the Reserve Bank of India (RBI).
The RBI data was quoted by the Financial Express that the banks’ total outstanding loans have been hovering at about INR230bn (3.75bn).
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Before May 2013, credit card loans had been showing y-o-y growth in the range of 20%-27%.
Data released by the country’s central bank also revealed that in August 2013, y-o-y growth in credit card spends decreased to 12.18% to INR108.87bn ($1.77bn), which is far lower than the 39.73% growth registered in November last year.
Credit card spends are the amount of money transacted in a particular period, whereas outstanding loans is the money that the customers owe to a bank, which includes the interest.
The total amount of transactions on debit cards for August rose 19% to INR1.66trn ($27bn) from INR1.38trn ($22.51bn) a year ago.
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By GlobalData
