The Rapid Rise of Credit Cards in India: A Closer Look
Sunday, 17 March 2024, 05:29
The Phenomenal Growth of Credit Cards in India
Just a decade ago, credit cards were a rarity in India, with stringent eligibility criteria in place.
From Two Crore to Ten Crore
Between 2011 and 2024, the number of credit cards issued in India has grown from 2 crore to 10 crore, marking a remarkable increase.
The Impact of the Boom
With the rise in credit card usage has come an increase in spending and defaults, posing challenges for both consumers and financial institutions.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.