The number of credit cards in India declined by 27.46 % over a three year period, even as the number debit cards grew by 73.37%, as per data retrieved by MediaNama using the Right To Information Act. As of March 2011, the number of credit cards stood at 18.04 million, whereas the debit cards were 227.84 million. In June 2009, number of credit cards numbers went down by as much as 1.2 million, the maximum for any given month.

Interestingly, in comparison with ICICI Bank, the number of credit cards declined slowly, and the number of debit cards grew faster.

Data Source: Reserve Bank of India, via RTI

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