Indian lenders added 1.26 million net credit cards in September, marking the second-highest monthly addition this calendar year, according to latest Reserve Bank of India (RBI) data. July held the top position with 1.27 million net additions, demonstrating strong momentum in card portfolio expansion. The September figure represents a 5.5% increase from August's 1.20 million additions and is nearly 25% above the 1.01 million cards added in September 2025. As per The Economic Times, the September additions were driven by banks expanding card portfolios ahead of the prime festive season.
HDFC Bank and Axis Bank emerged as the largest contributors to fresh additions, accounting for nearly 43% of net additions during September with 539,878 cards between them. HDFC Bank led individual lenders with 280,353 cards, more than double its August additions of 122,669 cards, while Axis Bank added 259,525 cards, nearly eight times its August additions of just 32,789. SBI Cards followed with 208,026 cards, compared with 193,294 in August. Other significant contributors included Bank of Baroda (114,083 cards), Slice Small Finance Bank (89,794 cards), and Federal Bank (81,753 cards). Growth in card additions was relatively muted at ICICI Bank and Kotak Mahindra Bank during September, according to The Economic Times.
The momentum extended to quarterly numbers, with banks adding 3.72 million net credit cards during the July-September quarter, representing an increase of nearly 47% from 2.54 million in the corresponding period last year. This was also 26% higher than the 2.96 million cards added in the April-June quarter, indicating aggressive portfolio expansion ahead of the festive season. The total number of outstanding credit cards rose to 125.32 million at the end of September, up 10.4% from 113.51 million a year earlier. As per The Economic Times, banks have been expanding their credit card portfolios more aggressively during the months leading into the festive season.
According to reports from The Economic Times, the September additions were driven by banks expanding card portfolios ahead of the prime festive season. The momentum was particularly visible in quarterly numbers, with banks showing aggressive expansion during the months leading into the festive season. The data reflects a clear strategy by financial institutions to strengthen their credit card offerings ahead of the key shopping period.
