India’s credit card market maintained growth momentum in April 2026 even after the elevated spending levels recorded during the financial year-end period in March.
Fresh data released by the Reserve Bank of India showed that both card usage and issuance continued expanding, with e-commerce transactions contributing the largest share of overall spending activity.
Total credit card spending in April 2026 stood at ₹1.97 trillion, reflecting a 7.06% increase compared with ₹1.84 trillion recorded in the same month last year.
The monthly figure, however, moderated from March 2026 levels when overall spending surged to ₹2.19 trillion due to financial year-end transactions and higher business-related payments.
Digital transactions continued dominating spending trends during April. E-commerce payments rose 6.05% year-on-year to ₹1.23 trillion, while point-of-sale transactions increased 8.76% to ₹73,848 crore.
Among major issuers, HDFC Bank Limited remained the largest contributor by spending value. Card spends through HDFC Bank increased 12.34% year-on-year to ₹58,106.22 crore from ₹51,724.10 crore a year earlier.
SBI Cards and Payment Services Limited recorded the sharpest growth among major players, with spending rising 28.98% to ₹37,940.43 crore compared with ₹29,415.22 crore in April 2025.
In contrast, ICICI Bank Limited witnessed a 7.35% decline in spends to ₹32,499.1 crore from ₹35,079.47 crore last year.
Meanwhile, Axis Bank Limited reported moderate growth of 3.87%, with card spends increasing to ₹22,023 crore from ₹21,201.53 crore.
Outstanding credit cards in India increased 8.19% year-on-year to 119.44 million in April 2026. On a sequential basis, issuances rose 0.81% compared with March.
HDFC Bank added 2.44 million cards over the past year, taking its total outstanding card base to 26.44 million.
SBI Cards expanded its outstanding cards by 1.25 million to 22.24 million, while ICICI Bank added 0.902 million cards to reach 19.20 million outstanding cards.
Axis Bank increased its card base by 1.13 million cards, taking the total to 16.09 million.
The latest RBI data indicates that digital payments and retail consumption continue supporting India’s credit card industry despite moderation after the March year-end surge.
E-commerce transactions remained the largest spending category, reflecting sustained consumer preference for digital purchases and online payments across categories.
Read More: RBI Mandates 100% KYC for Wallets, Hitting ₹2.5 Lakh Crore Digital Transactions!
India’s credit card ecosystem continued expanding in April 2026 with higher spending volumes, growing card issuances and strong digital transaction activity, while major issuers maintained steady momentum despite moderation from March’s elevated spending levels.
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Published on: May 26, 2026, 11:53 AM IST
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