Credit card issuance in India accelerated sharply in June 2026, reaching its fastest monthly pace in more than two years, according to Reserve Bank of India data. Banks together added a net 1.14 million cards during the month, pointing to renewed momentum in consumer spending products.
The latest expansion was driven mainly by the country’s largest issuers. HDFC Bank led the month with 163,000 net new cards, just ahead of SBI Cards at 162,000. ICICI Bank followed with 151,000 additions, showing that the biggest players continued to dominate fresh card issuance.
The trend also highlighted the strength of established banking franchises in the credit card market. While the largest issuers accounted for the biggest gains, Federal Bank was also noted for maintaining its strong run, adding to the broader growth seen across the sector.
Overall, the June figures suggest that competition in India’s card business remains intense, but scale continues to matter. The newest RBI data indicates that major banks were once again at the center of the surge, helping push monthly issuance to its strongest level in over two years.
