Half of the current fiscal year has passed and statistic shows a 12% reduction in credit card payments all over India. It has been declining continuously since November last year. During the months of April to September, payments made on credit cards was Rs 29,330 crore against Rs 33,470 crore in the first half of the last fiscal year. Till August 2009 the credit card business figure stood nearly around Rs.24,427 crore. In September 2009 credit card payment slipped to Rs 4,902 crore compared to Rs 5,635 crore during September 2008(figure for September only). Credit card transaction for the entire fiscal year 2008-09 was Rs.65,355 revealed by Reserve Bank data.
Analysts say that this Rs.733 crore fall is due to the negative impact of the financial meltdown and retail consumers are cautious in making payments through credit.Or, the other reason could be the fact that few Banks have reduced the credit limits on the cards.
But on the other hand, payments through debit card have shown a sharp increase of 38%. Payments made on debit card has grown from Rs 8,531 crore to Rs 11,780 crore in the first half of this fiscal year as compared to last. Comparison shows that during the month of September alone, payment made through debit cards rose to Rs 1,868 crore from Rs 1,513 crore (comparison between September 2008 and 2009). The debit cards usage till this August is about Rs 9,911 crore while in the last fiscal year till August it was for Rs 7,017.63 crore.
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