India adds 1.14 million credit cards in June as HDFC, SBI Cards lead
India’s credit-card base reached 121.5 million in June 2026 after its strongest monthly net additions in more than two years. Spending held above ₹2 lakh crore, with HDFC Bank and SBI Cards leading both issuance and transaction value.
India’s credit-card additions reached a more than two-year high in June, while spending stayed above Rs 2 lakh crore. HDFC Bank, SBI Cards, ICICI Bank and Federal Bank led issuance, reinforcing expanding card-payment capacity for Indian consumer retail.
Why this matters
The June issuance surge follows HDFC Bank’s July 1 SmartBuy voucher-reward cap and an industry pattern of banks cutting card rewards as margins shrink, showing card growth continues despite tighter economics.
Retail-company is accelerating, up 1,125,500% QoQ.