Whalesbook
October credit card spending growth slowed to 5.9% YoY from September's 23%, as festive promotions were front-loaded into September. Jefferies suggests this is a timing distortion, not consumption fatigue. Point-of-sale spending grew 11% YoY, while online spending rose only 2.4% YoY. SBI Cards and HDFC Bank showed strong growth, unlike Axis and Kotak Mahindra Banks.