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Credit Cards Industry The seven-million Indian credit card industry has been growing at over 25 per cent annually and has now more than 30 banks chasing customers with their cards. The 'Cardable' population in India for credit cards is as high as 35m, suggesting that issuers have realised only 25% of the potential market. Though average card spends at present are much lower than that of other countries in the region, this will change as cardholders imbibe the plastic habit. During the year ended March 31, '02, Citibank is the market leader with a share of close to 26% followed by Standard Chartered Bank which has a share of 23% of the total credit card users. The total payments using credit cards during '01-02 was Rs.13,500 crore, reflecting a growth of 35% over the previous year. Citibank accounted for 32% of card spends followed by Stan Chart which had a 25%...

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