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COVID Impact: Credit card transactions in February fall 21.57% | Personal Finance News

New Delhi: New credit card issuance has stalled after the COVID-19 pandemic. Amid low income and higher inflation, people saw less money spent on credit cards.

New credit card issuance fell in February, down 47% year-on-year and 21.57% month-on-month, according to data released by the Reserve Bank of India.

More than 5.49 lakh of new credit cards were issued in February, the RBI data showed. Private sector lender ICICI Bank led the package of new issuance of new credit cards (36% new cards), RBI data showed.

Number of open cards at the end of the month

STATE BANK OF INDIA: 11741211

AXIS BANK LTD: 7036379

HDFC BANK LTD: 15197803

ICICI BANK LTD: 10376124

INDUSIND BANK LTD: 1506654

KOTAK MAHINDRA BANK LTD: 2379210

YES BANK LTD: 914879

CITI BANK: 2645784

STANDARD CHARTERED BANK LTD: 1463859

Decrease in credit card usage

The challenging situation resulting from the coronavirus pandemic has further led to a decline in the use of credit card transactions, experts said. Recognizing the unprecedented challenges in the economic situation posed by COVID-19, credit card users also appear to be cautious.

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