New Delhi, Dec. 27 -- The credit card market in India has witnessed significant growth over the past year, with more than 1.10 crore new credit cards issued, according to a report by Indus Equity Advisors.

The report also added that the total number of credit cards in the country surged from 9.60 crore in November 2023 to 10.72 crore in November 2024, highlighting the increasing adoption of credit cards among consumers.

Private banks continue to dominate the credit card market, holding a substantial 71 per cent market share. In contrast, public sector banks (PSU banks) account for only 23.82 per cent of the total credit card base.

The report also noted a continuous increase in the market share of private banks, while foreign banks have...