The month of January 2011 has seen quite some rise in the credit card business in India. The segment experienced a 27.82% rise in transactions amounting to Rs 6,934.65 crore as compared to the same period a year before.
The roll out of new credit cards has however seen a dip by about 10% as on January 2011 amounting to 1.81 crore. The figure in the year 2010 was 2.02 crore.
The dip in new card circulation has been due to more stringent steps being adopted by banks while disbursing cards to customers.
The credit card transactions in the period from April to January of this financial year rose by 21.78% to Rs 62,335.44 crore as against Rs. 51,188.94 crore in the April-January period of 2010-11.
On the other hand transactions in the debit card segment saw 49.04% rise in the same period to Rs 3,712.67 crore, as against Rs. 2,491 crore in the same month last year.