ICICI Bank says value of credit card transactions in May lower than what appeared in RBI data

The bank’s credit card transactions at POS grew by about 124 percent year-on-year by value in May 2021, while market share by value in credit card transactions at POS was about 18 percent in May 2021 compared to about 13 percent in May 2020, it said.

Private sector lender, ICICI Bank on July 14 said the value of the lenders' credit card transactions for May is less than what appeared in the Reserve Bank of India (RBI) data release.

The Bank has submitted an updated return to the regulator, it said.

Value of transactions at the POS (Point of sales) for May 2021 was Rs 951,746 lakh and not Rs 1,223,298 lakh as appeared in the recent data release on “Bankwise ATM/POS/Card Statistics- May 2021”, the bank said in a communication to exchanges.

The bank’s credit card transactions at POS grew by about 124 percent year-on-year by value in May 2021, while market share by value in credit card transactions at POS was about 18 percent in May 2021 compared to about 13 percent in May 2020, the bank said.

There are minor updates in the number of credit card transactions at POS and the value and number of credit card transactions at ATM. There is no change in the other data including the total number of credit cards as published in the data release mentioned above, ICICI Bank said.