There has been a shift in spending from credit cards to debit cards during the first quarter as Indians held back on discretionary purchases. As per RBI data, spending under credit cards in June 2020 was Rs 42,818 cr, which was 36% lower than Rs 67,000 cr in Jan 2020. On the other hand, debit card spends stood at Rs 47,252 cr, which was only 24% lower than Rs 62,153 pre-Covid.

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