RBI Data: Credit Card Spends Up 11.5% YoY, Post-Festive Pace Moderates

• Credit card spending grew 11.5% year-on-year to ₹1.89 lakh crore in November, despite a 12% sequential drop from October's festive peak.
• The moderation is attributed to post-festive normalisation, increased EMI use, tighter lending norms, and UPI adoption for small payments.
• Online transactions now constitute over 60% of total credit card spending, indicating a significant shift towards digital consumption.
• Private sector banks hold 74% of the market, but public sector banks are gaining ground, increasing their share to 20.8%.
• HDFC Bank leads in card issuance and spending, followed by SBI Card, highlighting market concentration.

Why It Matters: India's credit card spending shows strong annual growth but moderates post-festive season, driven by digital shift.