Public Sector Banks' Digital Surge: Outpacing Private Lenders in Credit Card Competition
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PSU Banks' Digital Credit Card Boom: Crush Private Rivals with 31.5% Growth
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News18•06-03-2026, 14:40
PSU Banks' Digital Credit Card Boom: Crush Private Rivals with 31.5% Growth
•Public Sector Banks (PSU Banks) saw a 31.5% surge in online credit card transactions in January 2026, significantly outperforming private banks' 2.7% growth.
•This marks a major shift in the Indian banking sector, challenging the long-standing dominance of private banks in the credit card market.
•Despite the digital transaction lead, private banks maintain their overall card issuance growth at 7.6%, supported by strong e-commerce and fintech partnerships.
•Total credit card spending reached a record Rs 2.05 trillion in January 2026, an 8.1% year-on-year increase, according to the CareEdge report.
•SBI Group's card base grew 7% to 21.9 million, contributing significantly to PSU banks' success, while foreign banks declined 6% focusing on premium customers.
