Whalesbook
Indian credit card spending surged 19.6% year-on-year in October to ₹2.14 lakh crore, fueled by e-commerce and festive sales. However, spending remained flat sequentially, hinting at a potential slowdown from November. New credit card additions also dropped significantly, with major banks like HDFC Bank and SBI Card reporting substantial declines in new issuances. Private banks are increasing their dominance in the market.