Cards in demandAs of December 2019, the credit card industry portfolio stood at ₹1,24,390 crore, a year-on-year growth of 44%.
In September 2019, there were 3.25 crore active card borrowers, the number has grown at a compounded annual growth rate (CAGR) of 22% over four preceding years.
The latest CRIF CreditScape report, released in May, stated that projections show that around one million credit cards will be sourced over the next five-six quarters.“Credit cards, once considered a product for the affluent, have expanded to consumers in tier II and III cities.