Credit Card Spending Grows Year-on-Year but Moderates in January 2026

Credit card spending in India reached Rs 1,990 billion in January 2026, marking an 8.1% year-on-year increase but a 2.7% decline from December's festival-driven peak. Spending reductions were noted across major banks, with SBI and ICICI experiencing sharper declines, while HDFC Bank gained market share. Transaction volumes remained steady year-on-year, though growth slowed. The number of active cards rose to 116.6 million, with new additions slowing due to tighter underwriting and regulatory measures, reflecting a cautious industry approach focused on portfolio quality over rapid expansion.