Credit card usage and spending in India have seen a steady rise over the past three years, the government informed the Rajya Sabha on Tuesday.
In a written reply, Minister of State for Finance Pankaj Chaudhary said that according to data provided by the Reserve Bank of India, the number of credit cards in circulation and the value of transactions through them have increased consistently.
The number of credit cards in use stood at 853.03 lakh in 2022–23, which rose to 1,018.03 lakh in 2023–24, and further increased to 1,098.85 lakh in 2024–25.
Similarly, spending through credit cards also recorded strong growth. The total value of transactions increased from Rs 14.32 lakh crore in 2022–23 to Rs 18.31 lakh crore in 2023–24, and further to Rs 21.09 lakh crore in 2024–25.
However, the minister clarified that the RBI does not maintain data on unpaid credit card dues.