The second wave of Covid may have an impact on the credit card industry. According to the report of Axis Securities, this can reduce Credit Card Expenses. According to the report, Citi Bank’s leaving the credit card business has not yet been compensated.
The second wave of Covid may have an impact on the credit card industry. According to the report of Axis Securities, this may reduce Credit Card Expenses. According to the report, Citi Bank’s leaving the credit card business has not yet been compensated. The corporate loan sector has also not picked up yet. Credit card business is a big venture for financial institutions like SBI Cards, ICICI Bank. Their growth is directly related to this. His performance has also been excellent.
The report titled ‘Credit Card Business Monitor’ states that the growth of the credit card industry was 10 percent in Q4 of FY21. At the same time, Card in Force growth was 8 percent on an annual basis. During this, there has been a contraction of 6 percent in the business volume.
what was the reason
The main reasons for the decline in Credit Card Expenses were people leaving the house less, spending on entertainment stopped and other reasons. Such an environment may prevail in this FY also.
who benefited
According to the report, PSU Banks benefited. Banks led by SBI Cards held 23.2 per cent market share. The main reason for this was the decline in the business of foreign banks.
Excellent performance of ICICI Bank
ICICI Bank is getting a big advantage of HDFC Bank’s ban on issuing credit cards. ICICI Bank added record customers in Q4. According to RBI data, ICICI Bank’s cardholders increased by 672,911 during this period, while HDFC Bank’s portfolio decreased by 322,999.
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