40 pc growth in debit card payments in April: RBI
Reflecting buoyant economic activities, payments made through debit cards zoomed over 40 per cent to Rs 2,508 crore in April, 2010, compared to the same month last year, according to the RBI.business Updated: Jun 13, 2010 15:28 IST
Reflecting buoyant economic activities, payments made through debit cards zoomed over 40 per cent to Rs 2,508 crore in April, 2010, compared to the same month last year, according to the RBI.
In April this year, debit card payments increased to Rs 2,508 crore from Rs 1,778 crore in the corresponding month last year, according to the central bank's monthly bulletin.
"The rise in debit card payments is due to the rise in economic activities. These are on expected lines as there are signs of recovery," said an economist with a leading bank on condition of anonymity.
In the last fiscal, payments made through debit cards stood at Rs 26,418 crore.
On the other hand, credit card transactions increased by 10 per cent in April this year.
Transactions made through these cards in the country rose to Rs 5,473 crore from Rs 4,932 crore in the corresponding month of the previous fiscal.
The amount involved in credit card transactions stood at Rs 62,874 crore in 2009-10.
Economic activities are on the rise, with industrial output rising 17.6 per cent in April. It grew in double digits for the seventh straight month, on a good showing by the manufacturing sector, particularly capital and consumer goods.
The credit growth of banks has also increased. It stood at 17.96 per cent during the one-year period ending May 21, up from 15.20 per cent a year ago.