NewsIndia

PSU Banks have rapidly increased their share in credit card spending by 17%. This growth comes as the overall credit card market in India has surpassed 119 million active cards. Major players like HDFC Bank and SBI Cards lead the market.

The credit card base grew by 8% compared to the previous year, reaching a total of 119 million. HDFC Bank holds a dominant position with a market share of 22.2%, while SBI Cards accounts for 18.7% of total cards.

In the last year, PSU Banks saw a significant increase in average spending per card, which rose to ₹16,847. This contrasts with private banks, where average spending decreased by 4% to ₹18,948.

Currently, PSU Banks control 72.6% of total card spending in India. They have implemented several strategies to attract new customers and enhance their offerings.

HDFC Bank also leads in transaction value with a market share of 29.8%, while SBI Cards captures 19.3%. Despite these figures, private banks still possess approximately 80% of active cards.

The increasing share of PSU Banks in the credit card sector highlights a shift in consumer preferences and banking strategies. As competition intensifies, both public and private banks will likely continue to innovate their services.