India's active credit cards top 120M in May; spend growth slows to 6.3% as issuers turn cautious
Net card additions surged 34% YoY to 1.02M in May, lifting the active base past 120M. But spends rose just 6.3% YoY to ₹2.02 lakh crore, with per-card spend at ₹16,778. SBI Cards led issuers as lenders calibrate unsecured exposure amid stress in lower-ticket retail credit.
India's active credit cards crossed 120 million in May with net additions up 34% YoY, though spending growth slowed to 6.3%. SBI Cards led issuers; analysts flag calibrated unsecured lending amid stress in lower-ticket retail credit.