The rise began last year when banks initiated various measures to attract new customers. By April 2026, HDFC Bank and SBI Cards emerged as leaders, controlling substantial portions of the market. HDFC Bank held a commanding 22.2% market share in card distribution.

Key statistics:

• The total number of active credit cards in India reached 119 million.
• PSU Banks recorded a 17% increase in spending compared to the previous year.
• HDFC Bank led with a 22.2% share of the total card market.
• SBI Cards accounted for 18.7% of all cards issued.
• PSU Banks now represent 72.6% of total credit card spending.

Interestingly, while PSU Banks thrived, private banks experienced a decline in average spending per card—down to ₹18,948. In contrast, PSU Banks reported an average spending of ₹16,847 per card, reflecting their growing appeal among consumers.

As these dynamics unfold, the competitive landscape continues to evolve. With an increasing number of active cards and shifting consumer behavior, the future looks promising for PSU Banks as they solidify their presence in the credit card market.

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