While Indians have been traditionally known to be averse to credit, the picture seems to be changing. According to recent data from the Reserve Bank of India, the total outstanding on credit cards soared to Rs 59,900 crore at the end of September 2017, from Rs 43,200 crore a year ago, a rise of 38.7 per cent.
Over the past two years, credit card outstanding is up 78 per cent. In April, a survey by TransUnion Cibil, India’s leading credit bureau covering 1,100 consumers across eight cities, had found that while 92 per cent of respondents paid more than the minimum balance
