The Indian consumer credit sector is experiencing a significant revival, with fresh card issuances hitting their highest volume in more than two years. This acceleration highlights a robust appetite for revolving credit among retail consumers.
Market Leaders Dominate
The surge is primarily fueled by the country's banking giants. HDFC Bank secured the top spot this period by recording 163,000 net new cards. SBI Cards followed closely behind, trailing by a razor-thin margin with 162,000 new additions.
Steady Expansion
ICICI Bank also maintained strong performance metrics, contributing 151,000 new accounts to the market. Meanwhile, Federal Bank continues to demonstrate impressive growth momentum, successfully onboarding 101,000 net new cardholders.
This aggressive expansion suggests that major lenders are effectively capturing market share, signaling a high level of confidence in domestic consumer spending trends as we head into the next financial quarter.
