Credit card default rose to ₹4,072 crore, or 1.94%, at the end of March 2023, Parliament was informed on Tuesday.
“As per the inputs received from the Reserve Bank of India, in respect of defaults in credit cards, the gross non-performing assets (GNPAs) in credit cards was ₹3,122 crore in March-2022 and ₹4,072 crore in March-2023, while credit card outstanding in March-2022 and March-2023 was ₹1.64 trillion and ₹2.10 trillion, respectively,” minister of state for finance Bhagwat Karad said in a written reply in the Rajya Sabha. GNPAs in credit cards have declined from 3.56% in March 2021 to 1.91% in March 2022, and stand at 1.94% in March 2023 against the schedule commercial banks’ GNPA of 3.87% in March 2023, he said. Replying to another question, Karad said, the
total number of frauds as reported by the cooperative banks during FY23 was 964 with amount involved to the tune of ₹791.40 crore. During FY22, the total number of fraud was 729 and the amount involved was ₹536.59 crore
as against 438 frauds involving ₹1,985.79 crore in FY21, he said.
Courtesy: MINT Dt.: 09th Aug. 2023
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