India posts over 10L cards monthly and ₹2L/cr average spend
Business
India's credit card scene is still buzzing, over 1 million new cards have been issued every month since May.
July alone saw 12.7 lakh fresh cards, and average monthly spending topped ₹2 lakh crore from January to July, showing just how much people are swiping.
Jefferies assigns Hold to SBI Cards
SBI Cards added 1.8 lakh new cards in July (almost three times more than last year), but its market share dipped a bit and spending growth cooled off compared to June.
Investment firm Jefferies is playing it safe with a "Hold" rating on SBI Cards, pointing out that tougher competition and slower spending growth could be tricky for the company, even as card volume growth improved to 7% year-on-year.