Credit card dues cross Rs. 2 lakh crore

At nearly 30%, credit card dues have grown twice as fast as overall bank loans in a year. For the first time, credit card outstanding crossed the Rs 2-lakh-crore mark in April.

Lenders say there are no major concerns as the share of credit card dues remains small even as RBI has cautioned over the rise in unsecured bank credit. According to RBI, credit card balances hit Rs 2,00,258 crore in April 2023 — a 29. 7% increase over April 2022.

The surge in credit card dues is not just due to rising indebtedness but is a reflection of their increased use for payments and inflation. “The balance sheet growth in credit cards is trending in line with the increase in consumer credit card spends. Over the last year, consumer spending has also gone up,” said Sanjeev Moghe, president and head (cards & payments), Axis Bank.