India’s Credit Card Market Hits 119 Million, PSU Banks Report Stronger Spending Growth

India’s Credit Card base rose to 119 million in March 2026 from 110 million a year earlier, as per data from the Reserve Bank of India, as per news reports.  

The base grew 8% year-on-year and 0.8% over the previous month. The increase is indicative of continued additions across regions, including non-metro areas, with issuance remaining concentrated among larger lenders. 

Market Remains Concentrated 

A small group of issuers continues to account for most cards in circulation. HDFC Bank, SBI Cards, ICICI Bank, and Axis Bank remain the key players. Together with leading public sector banks, they account for nearly 80% of the total card base. 

Changes in Issuer Shares 

HDFC Bank’s share of outstanding cards increased to 22.2% from 21.7% a year earlier. Its share of transaction value rose to 29.8%. SBI Cards maintained its share of cards at 18.7% and recorded a rise in its share of spending to 19.3%. 

ICICI Bank reported a gradual decline in its share across cards, transaction value and volumes. Axis Bank’s card base remained largely unchanged, though its share in transaction volumes saw a marginal decline during the period. 

PSU Banks Record Higher Growth 

Public sector banks reported an 11.3% increase in outstanding cards, compared with 8.3% growth for private sector banks. Foreign banks continued to reduce their portfolios, with card numbers declining 5.4% year-on-year. 

Private banks accounted for 72.6% of total card spending, though their share fell by over 3 percentage points. Average spending per card for private banks declined 4% to ₹18,948.  

Public sector banks recorded a 17% increase in per-card spending to ₹16,847, supported by higher usage levels and wider reach. 

Read More: Maharashtra Approves AI Policy 2026 with ₹10,000 Crore Investment Plan! 

Conclusion 

The credit card market continued to expand during the year. While large private sector issuers retained a dominant share, public sector banks recorded faster growth in both card issuance and spending. 

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