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India Unveiled | Banks yet to tap huge unmet credit card demand

India Unveiled | Banks yet to tap huge unmet credit card demand
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First Published: Tue, Aug 14 2007. 01 56 AM IST

Updated: Tue, Aug 14 2007. 01 56 AM IST
Call it India’s impending credit boom.Three times as many people who have credit cards now want to acquire them over the next 12 months. And people who earn less than Rs1 lakh a year account for almost three-quarters of the demand for new cards. This is one of the findings of the Invest India Incomes and Savings Survey 2007, produced by IIMS Dataworks. The survey provides the first 360-degree view of the financial behaviour and future investment intentions of the Indian workforce. According to the survey, there are 321 million paid workers in India. While 17 million people say they want to get a new credit card in the next year (this includes both people who already have at least one card and those who do not), only 1.47% or 4.31 million people currently have at least one card. Mint started presenting the findings of the IIMS Dataworks study on Monday and will run this series over the next month. To see previous articles in the series go
to http://www.livemint.com/indiaunveiled.htm
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First Published: Tue, Aug 14 2007. 01 56 AM IST
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