Credit Card spends recover to pre-Covid levels in August

Credit Card spends recover to pre-Covid levels in August

Credit Card spends recover to pre-Covid levels in August
Read Time:6 Minute, 40 Second

Even outstanding loans on credit cards reverted to its near peak levels recorded in the February and March period. These total due loans for the entire banking system was at Rs 1.04 lakh crore at the end of August against Rs 1.08 lakh crore at the end of March.

Synopsis

“Despite this not being a normal year, we saw a comeback of sorts from July, the second phase of spends will come during the festive season as there is a lot of suppressed demand among consumers,” said Parag Rao, Country head – Payments Business, HDFC Bank. “Dire need of the hour is for consumption to grow so that the economic engine roars back to life and we are doing our bit through our festive treats offering.”

MUMBAI: In yet another sign that retail consumption is reverting to the good old days, monthly spends on credit cards have reverted back to pre-Covid levels, RBI data showed. Banks recorded Rs 50,311 crore worth of spends on credit cards in August compared with Rs 50,574 in March. This was still lower than the Rs 60,011 crore of spends recorded same time last year and Rs 62148 crore recorded in February.Even outstanding loans on credit cards

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