May saw credit card spending reach an all-time high of $1.14 trillion, indicating that the retail sector is doing well. According to Reserve Bank of India data, credit card spending increased 118 percent annually and 8 percent monthly as a result of strong e-commerce spending, high-value travel and tourism spending, and discretionary purchases.
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After the RBI relaxed the moratorium on new credit card issuances in August of last year, HDFC Bank launched 1 million new credit cards and relaunched three credit cards, which contributed to their marketshare increase. On the other side, despite adding a lot of cards in May, Axis Bank reported a decline in marketshare in spending.
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