Due to an impact of economic slowdown, the payments made through credit card decline by about 15 % in the first two months of the current financial compared to the same period last year.
According to RBI latest bulletin. During April and May, the payments made through credit card stand at Rs 9,748 crore against Rs 11,193 crore in the first two months of the last financial.
In April this year, Rs 4,932 crore card payments were made while the amount stood at Rs 4,815 crore for May.
Analysts said the refuse in payment may be due to poor impact of financial condensing on India, as plastic money could be the first casualty in developing country like India.
However, it could also be because some banks reduced credit limits given in cards.
An economist with a leading bank requesting anonymity said "The credit card payments are down because the maximum amount limit given by banks could have been reduced,"
During the first two months of the current financial, the number of such cards issued by banks have also reduced to 4.84 crore against 5.5 crore during the same period last fiscal.
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Tuesday, July 14, 2009
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