Wave of mass market credit cards erodes foreign majors’ base

Standard Chartered and DBS Bank India recorded the sharpest contractions. The former's card base fell 28% to 581,000, a fall of 227,000 cards, while expenditure fell nearly 18% to Rs 693 crore in June. DBS' India portfolio contracted 29% to 310,000 cards, while expenditure fell 18% to Rs 338 crore.