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Lockdown impact: SBI Card sees retail spends drop 60%

India city Mumbai covid-19 pandemic
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MUMBAI: SBI Cards and Payment Services Ltd, India's second-largest credit card company, has seen retail spends slump nearly 60% during the period of extended lockdown when compared with the first half of March.

In a stock exchange filing last week, SBI Card said the daily average run rate of retail spends for the last 15 days of March was lower by 31% when compared with the first 16 days of March.

With the extension of the lockdown, average daily retail spends are lower by 60% when compared to the first half of March, the credit card company added.

Corporate card spends have also declined at similar rates, it added. According to a 21 April report by Bank of America, SBI Card customers had an average monthly spend of ₹10,815 per card for

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