Credit card defaults hit Rs. 4,072 crore in FY23

Credit card default rose to Rs 4,072 crore or 1.94 per cent at the end of March 2023, Parliament was informed.

“As per the inputs received from RBI, in respect of defaults in credit cards, the gross non-performing assets (GNPAs) in credit cards was Rs 3,122 crore in March-2022 and Rs 4,072 crore in March-2023, while credit card outstanding in March-2022 and March-2023 was Rs 1.64 lakh crore and Rs 2.10 lakh crore, respectively,” Minister of State for Finance Bhagwat Karad said in a written reply in Rajya Sabha.

GNPAs in credit cards have declined from 3.56 per cent in March 2021 to 1.91 per cent in March 2022, and stand at 1.94 per cent in March 2023 against the schedule commercial banks’ GNPA of 3.87 per cent in March 2023, he said.

Replying to another question, Karad said, the total number of frauds as reported by the cooperative banks during FY23 was 964 with amount involved to the tune of Rs 791.40 crore.

During FY22, the total number of fraud was 729 and the amount involved was Rs 536.59 crore as against 438 frauds involving Rs 1,985.79 crore in FY21, he said.