GST 2.0 fuels credit card spending surge
GST 2.0 dropped on September 22—right in time for Navratri—and it's already making waves.
Daily credit card spending has shot up five times, jumping from ₹5,000-6,000cr to a huge ₹20,000-25,000cr.
The combo of tax breaks and festive shopping is clearly fueling this surge.
Banks report big boosts in transactions
With GST 2.0's reforms, merchants are passing on more discounts than before.
Banks like SBI Card and RBL Bank have seen big bumps in both everyday and splurge purchases—SBI Card's cashback campaign now covers nearly 3,000 cities!
BOBCARDS even clocked a massive 40% jump in spending within just two days.
HDFC Bank leads the market
August was pretty quiet for credit cards, but that changed fast with GST 2.0's arrival.
HDFC Bank now holds over a quarter of the market at 28.2%, while SBI and IndusInd are also seeing gains.
Even car sales hit record highs for brands like Maruti and Hyundai—proof that GST 2.0 is giving consumer finance some serious festive-season energy!