India Credit Card Additions Hit 2.5-Year High In June

India's credit card market had its best month in two and a half years. Banks added a net 1.14 million cards in June 2026, taking total cards in force to 121.5 million, the highest monthly net addition since December 2023, according to Reserve Bank of India (RBI) data.

The RBI's higher risk-weight rules on unsecured lending, effective November 2023, triggered a broad slowdown in issuance through FY25 and much of FY26. June's number suggests that phase is firmly in the rearview mirror.

Who Added The Most Cards

The four largest contributors to June's net additions:

• HDFC Bank: 163,000 net new cards, topping the industry

• SBI Cards: 162,000 net new cards

• ICICI Bank: 151,000 net new cards

• Federal Bank: 101,000 net new cards

Further down:

• IDFC First Bank: 91,000 cards

• Axis Bank: 48,636 cards

• Kotak Mahindra Bank: 31,386 cards

• RBL Bank: Flipped from a net loss of 6,116 cards in May to a gain of 29,270 in June

Federal Bank's momentum stands out given its size. Managing Director KVS Manian said the bank is acquiring Standard Chartered India's credit card portfolio and expects to complete the integration before the end of the calendar year, adding that organic non-co-branded card growth has been a deliberate strategic priority.

RBL Bank's turnaround is also worth noting. Executive Director Jaideep Iyer said the bank is now exploring bundled product propositions and plans to push card acquisition more aggressively through branches and salary account customers.

Spending Holds Above ₹2 Lakh Crore

Total credit card spending in June came in at ₹2.01 lakh crore, a modest 0.5% dip from May's ₹2.02 lakh crore but up 9.8% year-on-year from ₹1.83 lakh crore. June marks the second consecutive month that industry spending has stayed above the ₹2 lakh crore mark.

Spending concentration remains extreme. HDFC Bank alone accounted for approximately ₹59,432 crore, or roughly 29.5% of the industry total. SBI Cards followed with approximately ₹41,077 crore, representing around 20.4% of the market.

Also Read - Stock Market This Week: Q1 Results, US Fed Meeting, IIP Data Among 5 Key Triggers For Sensex, Nifty