New Delhi:
The variety of bank cards has greater than doubled to round 10.80 crore on the finish of December 2024, in comparison with December 2019 when there have been 5.53 crore playing cards in circulation, in response to a brand new RBI report.
In distinction, variety of debit playing cards have remained comparatively steady, with a marginal improve from 80.53 crore in December 2019 to barely greater than 99.09 crore in December 2024.
An identical development trajectory is witnessed in card transactions as effectively, stated the RBI report. Throughout CY2024, there have been 447.23 crore and 173.90 crore fee transactions value of Rs 20.37 lakh crore and Rs 5.16 lakh crore by means of credit score and debit playing cards, respectively.
“Whereas using debit playing cards has declined, bank cards have grown greater than 15 per cent on a year-on-year foundation in recent times,” it talked about.
As of December 2024, the monetary panorama in India is characterised by the widespread adoption of credit score and debit playing cards, with an astounding 109.9 crore playing cards circulating all through the nation.
The bank card issued by public sector banks (PSBs) elevated from 122.6 lakh as at end-December 2019 to 257.61 lakh as at end-December 2024, a greater than 110 per cent bounce.
“Non-public sector banks (PVBs), who maintain a 71 per cent market share with 766 lakh playing cards in December 2024, have leaned into digital options and co-branded playing cards to cater to city and prosperous clients,” the RBI report famous.
In the meantime, international banks have seen a decline each in numbers — from 65.79 lakh playing cards to 45.94 lakh — and in market share, dropping from 11.9 per cent to 4.3 per cent between December 2019 and December 2024, probably because of excessive charges and conservative lending insurance policies.
Small finance banks (SFBs) have entered the sector with 10.97 lakh playing cards as at end-December 2024, concentrating on the underserved and specializing in monetary inclusivity.
With impact from January 1, 2019, the RBI has mandated using solely EMV Chip and PIN-based debit and bank cards.
Additionally, the scope of UPI was expanded by allowing linkage of RuPay bank card to UPI for making funds. Subsequently, it has been expanded by allowing switch to/from pre-sanctioned credit score traces issued by scheduled industrial banks, along with deposit accounts.
“In different phrases, UPI community will facilitate funds financed by credit score from banks. This may scale back the price of such choices and assist in improvement of distinctive merchandise for Indian markets,” stated the report.
(Apart from the headline, this story has not been edited by NDTV employees and is revealed from a syndicated feed.)