SBI Cards overtakes ICICI in May as India's credit card base crosses 12 crore
Industry added 10.17 lakh net cards in May 2026 (+33.7% YoY), pushing the base to 12.04 crore. SBI led with 1,81,851 additions, ahead of ICICI (1,68,344) and HDFC (1,42,297). But spends grew only 6.3% YoY to Rs 2.02 lakh crore, hinting at moderating consumer spending intensity.
India's credit card base crossed 12 crore in May 2026 with 10.17 lakh net additions (+33.7% YoY). SBI Cards led issuers, overtaking ICICI. Spends grew modest 6.3% YoY to Rs 2.02 lakh crore, signalling normalising consumer spending intensity.
Why this matters
SBI Cards extends its issuer lead after outpacing peers in April when industry spends fell 10.1% MoM. ICICI continues to slip in net additions, while spend growth lags card growth.
Retail-company signals steady at 3,784 over 90 days, with credit card issuance momentum building.