Credit Card: If you use credit card, be careful, the government told these shocking figures in the parliament – credit card default rose to rs 4,072 crore at the end of March 2023

New Delhi: The trend of credit card has increased during the recent years. People have also increased its use. Along with this, the amount of credit card default has also increased. This is estimated from the figures of the Reserve Bank of India. Credit card defaults have also crossed the Rs 4,000 crore mark till March this year, according to RBI data. This is an increase of about two percent compared to a year ago.

information in parliament

These days more people have started having credit cards. Along with this, more and more purchases have been made through credit cards. Along with this, credit card defaults are also increasing. By March 31, 2022, the total credit card default in the country was Rs 3,122 crore. It has increased to Rs 4,072 crore by March 31, 2023. This shows an increase of 1.94 per cent. This information was given by Union Minister of State for Finance Bhagwat Karad in Parliament on Tuesday.

What did the Minister of State for Finance tell

Union Minister of State for Finance Bhagwat Karad highlighted this in a written reply in Rajya Sabha. Citing RBI data, he said that the Gross Non-Performing Assets (GNPAs) of credit cards are increasing. It stood at Rs 3,122 crore in March last year. It increased to Rs 4,072 crore as on March 31 this year. Not only this, there has also been an increase in credit card outstanding. It was Rs 1.64 lakh crore in March-2022, which has increased to Rs 2.10 lakh crore in March 2023.

Credit card GNPA started rising once again
Karad said that the GNPA of credit cards has started rising once again. He told that in March 2021 it was 3.56 percent. Which came down to 1.91 percent in March 2022. But in March 2023 it has increased to 1.94 percent. However, the gross NPA of scheduled commercial banks was 3.87 per cent as on the same date.

Fraud on the rise in co-operative banks
Answering another question, Karad said, there has been an increase in the incidents of frauds in cooperative banks during the financial year 2022-23. The total number of frauds reported by cooperative banks during this period was 964. This included a total amount of Rs 791.40 crore. A year before this, the total number of frauds in these banks during 2021-22 was 729 and the amount involved was Rs 536.59 crore. Although a total of 438 cases of fraud were reported in cooperative banks during the year 2020-21, but an amount of Rs 1,985.79 crore was involved in it. He said that now all the cooperative banks are required to follow the guidelines issued by the Reserve Bank of India (RBI) from time to time.