Net credit card additions down to 2 mn due to seasonal, regulatory factors

In July 2024, net credit card additions in India dropped to 2 million, down from previous months. This decrease is attributed to seasonal and regulatory factors. The Reserve Bank of India's (RBI) recent regulations, including stricter credit card guidelines and increased scrutiny, are impacting credit card issuances. Additionally, the seasonal lull during this period further contributes to the reduced number of new cards. The trend reflects a broader impact of regulatory measures and economic conditions on the banking sector, particularly in consumer credit.