The number of credit cards decreased in the July-September quarter of the fiscal year 2023.
The Reserve Bank of India has made it mandatory that any credit card that has been inactive for more than a year should be discontinued.
In the second quarter of the current financial year, the number of credit cards decreased by 25.5 lakh to 7.77 crores.
After the notice, if there is no response from the cardholder within 30 days, then the card should be closed by the card issuing bank.
The total number of cards of the largest bank HDFC Bank decreased by 16.2 lakh credits cards in the second quarter of the fiscal year 2023.
Axis Bank is in second place, whose number of cards has decreased by 11 lakh during this period.
On the other hand, ICICI Bank lost 4,09,147 cards during this period.
Among other major businesses, Canara Bank cards lost 3,54,413 cards in the second quarter
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