As of April 29, 2026, PSU Banks have rapidly increased their share of the credit card market in India, achieving a 17% increase in spending compared to the previous year. The total number of active credit cards in the country has surpassed 119 million.
HDFC Bank and SBI Cards remain the leaders in the credit card sector. HDFC Bank holds a commanding 22.2% market share in terms of card numbers, while SBI Cards accounts for 18.7%.
Meanwhile, PSU Banks have made significant strides by capturing 72.6% of total card spending. Their average spending per card has reached ₹16,847, reflecting a robust growth of 17%.
On another front, private banks have seen a decline in average spending, which has dropped by 4%, bringing it down to ₹18,948. This shift indicates a potential competitive edge for PSU Banks as they attract more customers.
The increase in credit card usage is notable; last year alone saw an 8% rise in the total number of cards issued. This growth reflects changing consumer behavior and increasing reliance on credit facilities.
To further enhance their appeal, PSU Banks have implemented various measures to attract new customers. These initiatives aim to boost their market presence amidst stiff competition from established private banks.
The current landscape shows that while private banks dominate with approximately 80% of active cards, the rising trend among PSU Banks could change the dynamics of the credit card market significantly.
