ICICI Bank Leads New Credit Card Issuance in April 2026 Amid Heavy Competition

ICICI Bank added the highest number of credit cards among major issuers in April 2026, according to Reserve Bank of India data, indicative of continued competition in the retail lending segment. 

The bank added 1,51,823 cards during the month, taking its total outstanding card base to 1.92 crore from 1.90 crore in March. SBI Cards and Payment Services reported net additions of 1,38,990 cards, while HDFC Bank added 1,28,525 cards. 

Overall Industry Growth Slows 

The pace of card additions across the industry moderated in April after stronger growth in the previous 2 months.  

Total net additions stood at around 8.02 lakh cards, compared with more than 9.29 lakh in March and 10.5 lakh in February. 

The total number of credit cards in circulation rose to a record 11.94 crore. Credit card spending increased 6.5% year-on-year to ₹1.97 lakh crore in April, indicating slower growth in spending volumes relative to the expansion in the card base. 

Mid-Sized Lenders Show Diverging Trends 

Axis Bank added 63,446 cards during April, lower than the additions reported earlier this year. Kotak Mahindra Bank added 33,038 cards and maintained a relatively stable pace of growth. 

Among mid-sized banks, Federal Bank recorded net additions of 1,01,835 cards. The bank said growth was largely driven by existing customers, particularly transaction-focused users rather than customers carrying revolving balances. 

Declines Continue for IndusInd and RBL 

IndusInd Bank continued to report a decline in its card base, with a net reduction of 22,214 cards in April. RBL Bank also reported a marginal decline of 721 cards during the month. 

Bank executives said lenders remained focused on expanding their customer base while maintaining profitability, as competition in the credit card market continued across both large and mid-sized issuers 

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Conclusion  

Credit card additions slowed across the industry in April despite continued growth among major issuers. Private banks and mid-sized lenders remained focused on expanding their card base amid tighter competition. 

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