Festive season: There’s no way there’s a holiday season and people don’t buy. During the holiday season, the general public shops a lot. The same thing is happening this festive season too. So September saw strong year-over-year growth of 25 percent in credit card spending. Which is the largest increase in six months. Although many banks saw higher slippages during the July-September quarter of 2024-25, the increase in expenses remained above 20 per cent for the first time since February.
1.76 trillion rupees were spent in September
The Reserve Bank of India has released data. According to its latest data, spending reached Rp1.76 trillion in September, up from Rp1.42 trillion in the same period a year earlier. Credit card spending in August 2024 was Rs 1.68 trillion. This healthy growth was attributed to festival demand and favorable base effect.
Expenses will also increase in October
Saurabh Bhalerao, head of BFSI research at CareAge Ratings, said, “The rise in credit card spending is due to a low base over the last one year and the festival season. There has been an increase in promotional schemes such as Equal Monthly Installments during the festive period. Looking ahead, October may also see increased spending due to the festive season and related promotional activities.”
indicating healthy economic performance
RBI Governor Shaktikanta Das recently said that festival season demand presents mixed signals for India’s economic growth. However, the positives outweigh the negatives and the Indian economy is performing reasonably well. Many high-frequency indicators show strong growth, indicating healthy economic performance.
