MUMBAI : Credit card spends dropped by over 12% or ₹13,968 crore between 28 February and 30 April as the demand and consumption slowed down during the lockdown, shows data from the Reserve Bank of India (RBI).
The credit card outstanding as on 24 April is ₹96,978 crore, the data showed. Even on a month-on-month basis – between 27 March and 24 April – it has seen a decline of 10.28%.
Earlier in July 2019, the outstanding had slipped by less than 1% on a monthly basis. The decline in the credit card spends can be attributed to restricted spending avenues due to the nationwide lockdown that began 25 March.
While retail outlets across the country remained shut, even e-commerce portals were delivering only essentials to start with.