Credit card dues at ₹2 trillion by April mark a milestone
- Indian credit card holders owed their banks ₹2 trillion in dues by April, the first time this milestone was reached. Banks will be delighted at the growth in this business, but high outstanding dues also present a risk.
Banks giving out credit cards have some good news. The general skepticism about their business appears to be fading. Indian credit card holders owed their banks ₹2 trillion in dues by April, a milestone. This came after a year of record growth—with the high-interest rates that missed credit card payments are known for, banks have much to be excited about. Credit card transactions clocked ₹14.3 trillion in 2022-23, and have grown more than 20% in all years except 2020-21, when they declined. The number of cards is up more than fourfold since a decade ago. Yet, a huge amount of dues on an unsecured lending tool also creates a burden for banks. Mint looks into the data.