SBI tops May card additions; spends climb 1-6% across top five issuers
RBI data: SBI added 1.82L new cards in May 2026, leading issuance. HDFC retains spend crown at Rs 59,138 cr. Kotak and Axis posted sharpest 6% MoM spend growth, signalling resilient discretionary demand across top issuers.
What happened
RBI data shows SBI led credit card additions in May 2026 with 1.82 lakh new cards. HDFC remains largest by base with highest spends at Rs 59,138 cr. Spending
Key facts
- SBI: 1.82 lakh new cards, spends Rs 38,556 cr (+2% MoM)
- ICICI: 1.68 lakh cards, Rs 32,818 cr (+1%)
- HDFC: 1.42 lakh cards, Rs 59,138 cr (+2%)
- Kotak: 54,000 cards, Rs 6,389 cr (+6%)
- Axis: 52,000 cards, Rs 23,301 cr (+6%)
Why this matters
SBI's issuance momentum and HDFC's spend leadership reinforce the strategic value of co-brand and loyalty partnerships with top-five issuers as a channel for distribution and customer acquisition deals.
What to watch
- June 2026 RBI card data — confirmation of 6%+ momentum or reversal
- Issuer Q1 FY27 results: spend per card, revolver mix, NPA in unsecured book
- RBI commentary on unsecured retail credit risk weights
- Festive season (Aug-Oct) pre-spend campaigns and EMI penetration
- UPI-on-credit-card volumes cannibalizing traditional swipe
- Overlay card-spend deltas against listed retail SSSG (Trent, V-Mart, Shoppers Stop) to confirm footfall translation
- Track HDFC vs SBI per-card spend trend — premium vs mass divergence is the real signal
- Flag Kotak/Axis 6% MoM as leading indicator for Q1 FY27 retail bank fee income
- Build watchlist: Zomato, Nykaa, MakeMyTrip as direct beneficiaries of discretionary card spend