RBI Data: Credit Card Spending Hits 3-Month Peak of ₹2.19 Trillion in March

Reserve Bank of India (RBI) data showed credit card spending at ₹2.19 trillion in March, the highest monthly figure in 3 months, as per the latest RBI report.  

The increase follows a dip in February, when spending had fallen to ₹1.77 trillion, the lowest level recorded in FY26. 

On a month-on-month basis, spending rose 23.81%. The uptick coincides with the close of the financial year, a period that typically sees higher transaction volumes across categories. 

E-Commerce and PoS Transactions Increase 

Online transactions accounted for a larger share of the rise in March. E-commerce spending reached ₹1.41 trillion, compared with about ₹1.10 trillion in February, a 28.38% increase. 

Spending at Point-of-Sale (PoS) terminals also moved higher. Transactions at physical outlets rose 16.36% to ₹78,470 crore, up from ₹67,435 crore in the previous month. 

FY26 Spending Shows Steady Growth 

For the full financial year 2025-26, total credit card spending was recorded at ₹23.62 trillion. This compares with ₹21.09 trillion in FY25, indicating a year-on-year increase of 11.98%. 

The pace of growth is lower than earlier periods, suggesting a gradual expansion in overall card usage. 

Bank-Wise Spending Patterns 

Among major issuers, HDFC Bank reported a 29.62% increase in spending to ₹65,337.7 crore in March. SBI Cards recorded ₹42,441.83 crore, up 24.43% over February. 

ICICI Bank reported spending of ₹36,521.88 crore, while Axis Bank recorded ₹23,909.68 crore. Both saw month-on-month increases of 19.6% and 26.35%, respectively. 

Card Additions Remain Moderate 

The total number of outstanding credit cards rose to 118.63 million in March, up from 117.7 million in February. This represents a 0.79% increase on a monthly basis. 

On a year-on-year basis, card additions grew 7.96% from 109.88 million. Growth in the card base has slowed compared to earlier years. 

Read More: RBI Slaps ₹41.8 Lakh Penalty on Bandhan Bank, ₹80,000 on Muthoot Housing Finance for Non-Compliance! 

Conclusion 

The March data indicates a recovery in spending following a weak February, while annual trends point to moderate growth in both spending and card issuance. 

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