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Payments in India

, cards, bank transfers and cash, alongside bank lending and deposit rates, the RBI policy corridor and separately dated weekly monetary readings.

Bank and policy interest rates

Full series: Bank lending and deposit rates · Repo rate and policy corridor

Bank lending and deposit rates

Data through

New bank loans carried an average interest rate of 8.61%

The source’s weighted-average rate on fresh rupee loans. Outstanding loans and deposit rates have separate observations.

Average rate on new bank loans: 22 observations shown, from November 2024 through August 2026.

Average rate on new bank loans. Latest shown reading: 8.6% in August 2026.
Average rate on new bank loans, observations in the selected range
PeriodPercent
November 20249.4%
December 20249.3%
January 20259.3%
February 20259.4%
March 20259.3%
April 20259.3%
May 20259.2%
June 20258.6%
July 20258.8%
August 20258.7%
September 20258.5%
October 20258.6%
November 20258.7%
December 20258.3%
January 20268.5%
February 20268.4%
March 20268.4%
April 20268.5%
May 20268.5%
June 20268.5%
July 20268.5%
August 20268.6%

data.indiadispatch.com

Lending rate on new rupee loans. Last 6 published rows. Read the complete table.
MonthRateSource release
March 20268.4%29 May 2026
April 20268.5%30 June 2026
May 20268.51%31 July 2026
June 20268.53%31 August 2026
July 20268.52%30 September 2026
August 20268.61%30 September 2026
Source notes

Scheduled commercial banks, excluding regional rural banks and small finance banks

Only published observations are shown. Missing periods are not zero and have not been interpolated.

Weighted lending and deposit rates measure fresh and outstanding rupee business separately. The one-year median has its own observation month. This release reports aggregate banks, not individual borrowing offers.

Weighted-average lending and term-deposit rates measure the published bank cohort. The marginal-cost lending-rate measure is a median, not a weighted average. Its month can differ from the loan and deposit rates.

Policy repo rates are a separate central-bank decision series, not these customer loan rates.

Dated revision tables retain the earlier and later reported values. Publication references identify the official release that revised each observation.

Publication cadence: Monthly.

Terms in this reading
WALR
Weighted average lending rate, an average of bank lending rates weighted by the relevant loan amounts. Fresh-loan and outstanding-loan rates are different measures. Definition and conventions
WADTDR
Weighted average domestic term-deposit rate, an average of rates on domestic term deposits weighted by deposit amounts. Fresh and outstanding deposit rates are separate measures. Definition and conventions
MCLR
Marginal cost of funds based lending rate, a bank’s published lending benchmark. It is not the same as every borrower’s actual loan rate. Definition and conventions

Full history, published components and source notes · Download CSV

Source: Reserve Bank of India, India Dispatch Research

Repo rate and policy corridor

The Reserve Bank of India raised the repo rate by 0.25 percentage points to 5.5%

The is the Reserve Bank of India’s policy lending rate. The change compares actual Monetary Policy Committee decisions.

Policy repo rate

percent

Latest shown observation: 7 October 20265.5%
7 February 20257 October 2026

7 February 2025 to 7 October 2026

Dots show published MPC decision dates, including decisions to leave rates unchanged. No daily rates are interpolated.

Source: Reserve Bank of India

Chart notes

Each dot is a reported observation. Their spacing follows the source observation periods. No line or interpolated values join observations. Missing observations are not zero.

Read every observation in the full data tables

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Standing deposit facility rate

percent

Latest shown observation: 7 October 20265.25%
7 February 20257 October 2026

7 February 2025 to 7 October 2026

Dots show published MPC decision dates, including decisions to leave rates unchanged. No daily rates are interpolated.

Source: Reserve Bank of India

Chart notes

Each dot is a reported observation. Their spacing follows the source observation periods. No line or interpolated values join observations. Missing observations are not zero.

Read every observation in the full data tables

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Marginal standing facility rate

Open this graph to compare its published observations. Read every source observation in the full data tables.

Bank rate

Open this graph to compare its published observations. Read every source observation in the full data tables.

Published policy decisions. Last 6 published rows. Read the complete table.
DecisionMeeting startMeeting endRepoSDFMSFBank rateStanceExplicit effective date
5 December 20253 December 20255 December 20255.25%5%5.5%5.5%neutralNot explicitly reported
6 February 20264 February 20266 February 20265.25%5%5.5%5.5%neutralNot explicitly reported
8 April 20266 April 20268 April 20265.25%5%5.5%5.5%neutralNot explicitly reported
5 June 20263 June 20265 June 20265.25%5%5.5%5.5%neutralNot explicitly reported
5 August 20263 August 20265 August 20265.25%5%5.5%5.5%neutralNot explicitly reported
7 October 20265 October 20267 October 20265.5%5.25%5.75%5.75%calibrated tighteningNot explicitly reported
Source notes

The published stance was calibrated tightening.

Only published observations are shown. Missing periods are not zero and have not been interpolated.

Observations are dated MPC decisions, not daily interpolated rates. A decision to keep a rate unchanged is still a meeting observation. Effective dates appear only when explicitly stated by the RBI.

The is the central bank’s policy lending rate. Standing deposit facility, or SDF, and marginal standing facility, or MSF, rates define the published corridor.

Observations are decision dates, not fabricated daily readings. An effective date is shown only when the official statement explicitly gives it.

Publication cadence: Policy decisions.

Terms in this reading
Repo rate
The Reserve Bank of India’s policy rate for lending to banks against eligible securities. It is a policy rate, not a consumer loan rate. Definition and conventions

Full history, published components and source notes · Download CSV

Source: Reserve Bank of India, India Dispatch Research

network

Full series: UPI transactions · Currency in circulation and UPI · UPI merchant payments and person-to-person transfers

24.07 billion

Monthly transactions

₹29.37 trillion

$309 billion

Value moved

802.3 million

Daily run rate

₹1,220

$12.8

Average transaction

Monthly volume

processed 24.07 billion transactions in September 2026

The chart shows NPCI’s complete monthly transaction-volume history.

Terms in this reading
UPI
The Unified Payments Interface, India’s shared network for instant payments between bank accounts. Definition and conventions
Monthly transaction volume for the latest published history. UPI monthly transaction volume. Latest shown reading: 24.07 billion in September 2026.
UPI monthly transaction volume, observations in the selected range
PeriodTransactions
October 20227.31 billion
November 20227.31 billion
December 20227.83 billion
January 20238.04 billion
February 20237.53 billion
March 20238.69 billion
April 20238.9 billion
May 20239.42 billion
June 20239.34 billion
July 20239.96 billion
August 202310.59 billion
September 202310.56 billion
October 202311.41 billion
November 202311.24 billion
December 202312.02 billion
January 202412.2 billion
February 202412.1 billion
March 202413.44 billion
April 202413.3 billion
May 202414.04 billion
June 202413.89 billion
July 202414.44 billion
August 202414.96 billion
September 202415.04 billion
October 202416.58 billion
November 202415.48 billion
December 202416.73 billion
January 202517 billion
February 202516.11 billion
March 202518.3 billion
April 202517.89 billion
May 202518.68 billion
June 202518.4 billion
July 202519.47 billion
August 202520.01 billion
September 202519.63 billion
October 202520.7 billion
November 202520.47 billion
December 202521.63 billion
January 202621.7 billion
February 202620.39 billion
March 202622.64 billion
April 202622.35 billion
May 202623.2 billion
June 202622.72 billion
July 202623.66 billion
August 202624.51 billion
September 202624.07 billion

data.indiadispatch.com

Cash and

volume grew 22.6% in a year. Notes in circulation grew 13.8%

counts a month of payment transactions while notes in circulation measure the stock of banknotes on a reporting Friday.

Terms in this reading
UPI
The Unified Payments Interface, India’s shared network for instant payments between bank accounts. Definition and conventions

Monthly UPI value moved

INR crore

Latest shown observation: September 2026₹29.37 trillion$309 billion
April 2026September 2026

April 2026 to September 2026

Money moved is a monthly flow, not consumer spending. It is not the stock of currency in circulation.

FX as of 27 October 2026: ₹95.12 per US dollar.

Source: National Payments Corporation of India

Chart notes

Each dot is a reported observation. Their spacing follows the source observation periods. No line or interpolated values join observations. Missing observations are not zero.

Read every observation in the full data tables

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Currency in circulation

INR crore

Latest shown observation: 9 October 2026₹42.91 trillion$451 billion
18 September 20269 October 2026

18 September 2026 to 9 October 2026

Each balance has its own observation date.

FX as of 27 October 2026: ₹95.12 per US dollar.

Source: Reserve Bank of India

Chart notes

Actual retained WSS component observation dates. Component clocks remain separate, and missing dates are not interpolated. Same-period source revisions retain their prior publication vintage.

Each dot is a reported observation. Their spacing follows the source observation periods. No line or interpolated values join observations. Missing observations are not zero.

Read every observation in the full data tables

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UPI transactions · September 202624.07 billion

+22.6% year on year

Notes in circulation · 9 October 2026₹42.91 trillion$451 billion

+13.8% year on year

Source: National Payments Corporation of India and Reserve Bank of India, India Dispatch Research

Payment type · September 2026

Merchant payments made up 63.3% of volume

Person-to-person transfers accounted for 69.8% of value. NPCI labels these P2M and P2P.

Terms in this reading
UPI
The Unified Payments Interface, India’s shared network for instant payments between bank accounts. Definition and conventions

Share of transactions

P2M63.3%
P2P36.7%

Share of value

P2M30.2%
P2P69.8%

P2M average ticket

₹582$6.12

Implied average across merchant payments.

P2P average ticket

₹2,320$24.4

Implied average across person-to-person transfers.

Source: National Payments Corporation of India, India Dispatch Research

Bank reliability

Full series: UPI bank approval and decline rates

Bank reliability

Punjab and Sind Bank had the highest sending-bank technical-decline rate, 1.86%, in September 2026

NPCI defines a technical decline as a failed transaction caused by unavailable systems or network issues at a bank or NPCI. Business declines such as a wrong PIN are excluded.

Sending banks approval rate

percent

Showing 6 of 50 observations, including the smallest and largest reported values. Full series and every observation

  1. ESAF Small Finance Bank LtdSeptember 2026
    94.93%
  2. ICICI Bank Ltd.September 2026
    94.41%
  3. Fino Payments Bank Ltd.September 2026
    75.57%
  4. Slice Small Finance Bank LimitedSeptember 2026
    94.61%
  5. Tri O Tech Solutions Private LimitedSeptember 2026
    100%
  6. One Mobikwik Systems LimitedSeptember 2026
    100%
0

September 2026

Banks are compared only within the same sending or receiving role and published period.

Source: National Payments Corporation of India

Chart notes

Bars compare the reported observations on the same scale. The marked zero is not a missing observation. Missing observations are not zero.

Read every observation in the full data tables

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Sending banks technical decline rate

percent

Showing 6 of 50 observations, including the smallest and largest reported values. Full series and every observation

  1. Punjab And Sind BankSeptember 2026
    1.86%
  2. Baroda U.P. BankSeptember 2026
    1.62%
  3. ESAF Small Finance Bank LtdSeptember 2026
    1.6%
  4. Maharashtra Gramin BankSeptember 2026
    1.19%
  5. NSDL Payments Bank LimitedSeptember 2026
    1.1%
  6. Tri O Tech Solutions Private LimitedSeptember 2026
    0%
0

September 2026

Banks are compared only within the same sending or receiving role and published period.

Source: National Payments Corporation of India

Chart notes

Bars compare the reported observations on the same scale. The marked zero is not a missing observation. Missing observations are not zero.

Read every observation in the full data tables

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Sending banks business decline rate

Open this graph to compare its published observations. Read every source observation in the full data tables.

Receiving banks approval rate

Open this graph to compare its published observations. Read every source observation in the full data tables.

Receiving banks technical decline rate

Open this graph to compare its published observations. Read every source observation in the full data tables.

Receiving banks business decline rate

Open this graph to compare its published observations. Read every source observation in the full data tables.

Sending bankSeptember 2026

Top 50 by volume

BankTechnical declineVolume
Punjab and Sind Bank1.86%76.8 million
Baroda U.P. Bank1.62%110.7 million
ESAF Small Finance Bank Ltd1.6%38.8 million
Maharashtra Gramin Bank1.19%45.4 million
NSDL Payments Bank Limited1.1%78.8 million
Rajasthan Marudhara Gramin Bank0.85%77.6 million
Receiving bankSeptember 2026

Top 50 by volume

BankTechnical declineVolume
Punjab and Sind Bank1.54%31.7 million
IDBI Bank Ltd.1.35%87.9 million
ESAF Small Finance Bank Ltd1.33%18.3 million
Baroda U.P. Bank1.27%57.4 million
Maharashtra Gramin Bank0.87%19.4 million
ICICI Bank Ltd.0.58%437.3 million

data.indiadispatch.com

Source: National Payments Corporation of India, India Dispatch Research

Payment systems

Full series: Payment systems and infrastructure · RBI weekly monetary pulse

Payment rails

42.5 million cheques were cleared in September 2026

Cheque volume fell 23.5% over the available 38-month RBI series. December 2024 is omitted because that month is absent from RBI’s public archive.

Monthly CTS volume. Monthly cheque volume through the Cheque Truncation System. Latest shown reading: 42.5 million in September 2026.
Monthly cheque volume through the Cheque Truncation System, observations in the selected range
PeriodTransactions
July 202355.5 million
August 202356.5 million
September 202353.8 million
October 202356 million
November 202352.6 million
December 202354.7 million
January 202454.7 million
February 202454.2 million
March 202458.5 million
April 202452.6 million
May 202452.4 million
June 202448.4 million
July 202453.1 million
August 202450.8 million
September 202448.5 million
October 202454.7 million
November 202447.2 million
January 202551.7 million
February 202546.2 million
March 202553.2 million
April 202549.5 million
May 202548.2 million
June 202544.7 million
July 202549.5 million
August 202544.6 million
September 202546.5 million
October 202545.2 million
November 202544.9 million
December 202547.6 million
January 202645.9 million
February 202643.1 million
March 202649.2 million
April 202645.4 million
May 202641.9 million
June 202642.6 million
July 202644.7 million
August 202641.4 million
September 202642.5 million

data.indiadispatch.com

ATMs and CRMs252,000

−2.7% since July 2023

Micro ATMs1.33 million

−13.3% since July 2023

PoS terminals10.42 million

+28.3% since July 2023

UPI QR codes885.51 million

+215.4% since July 2023

Payment railMonthly transactionsValue moved
RTGS32.6 million₹235.72 trillion (₹235.72 lakh crore)$2.48 trillion
NEFT862.1 million₹46.75 trillion (₹46.75 lakh crore)$492 billion
IMPS354.1 million₹7.06 trillion (₹7.06 lakh crore)$74.2 billion
Prepaid instruments964.8 million₹274.56 billion (₹27,456 crore)$2.89 billion
Cheque Truncation System42.5 million₹6.18 trillion (₹6.18 lakh crore)$65 billion

Source: Reserve Bank of India, India Dispatch Research

RBI weekly monetary pulse

Data through

Notes in circulation totalled ₹42.91 trillion

Each monetary component has its own observation date.

Currency in circulation

INR crore

Latest shown observation: 9 October 2026₹42.91 trillion$451 billion
18 September 20269 October 2026

18 September 2026 to 9 October 2026

Each balance has its own observation date.

FX as of 27 October 2026: ₹95.12 per US dollar.

Source: Reserve Bank of India

Chart notes

Actual retained WSS component observation dates. Component clocks remain separate, and missing dates are not interpolated. Same-period source revisions retain their prior publication vintage.

Each dot is a reported observation. Their spacing follows the source observation periods. No line or interpolated values join observations. Missing observations are not zero.

Read every observation in the full data tables

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Foreign exchange reserves

USD

Latest shown observation: 9 October 2026$726 billion
18 September 20269 October 2026

18 September 2026 to 9 October 2026

Each balance has its own observation date.

Source: Reserve Bank of India

Chart notes

Actual retained WSS component observation dates. Component clocks remain separate, and missing dates are not interpolated. Same-period source revisions retain their prior publication vintage.

Each dot is a reported observation. Their spacing follows the source observation periods. No line or interpolated values join observations. Missing observations are not zero.

Read every observation in the full data tables

data.indiadispatch.com

Bank credit

Open this graph to compare its published observations. Read every source observation in the full data tables.

Aggregate deposits

Open this graph to compare its published observations. Read every source observation in the full data tables.

Year-on-year change in weekly monetary readings

Open this graph to compare its published observations. Read every source observation in the full data tables.

Dated component snapshots. Last 4 published rows. Read the complete table.
ComponentObservation dateValueYear-on-year changeOfficial table
Notes in circulation9 October 2026₹42.91 trillion (₹42.91 lakh crore) · $451 billion13.82%Official source
Foreign exchange reserves9 October 2026₹69.06 trillion (₹69.06 lakh crore) · $726 billion4.05%Official source
Bank credit30 September 2026₹229.95 trillion (₹229.95 lakh crore) · $2.42 trillion19.38%Official source
Aggregate bank deposits30 September 2026₹283.96 trillion (₹283.96 lakh crore) · $2.99 trillion17.83%Official source
Source notes

The 16 October 2026 issue contains separate dated component tables, not one common observation date.

Only published observations are shown. Missing periods are not zero and have not been interpolated.

Notes and reserves have weekly source dates. Bank credit and aggregate deposits can have different reporting dates. The publication’s issue date is not substituted for those dates.

This retained complete supplement supplies dated snapshots. A historical series is not fabricated from unretained prior issues.

Display conversions use ECB reference via Frankfurter: $1 = ₹95.12 on 27 October 2026. Historical observations use this same dated reference, not historical exchange rates. The separately published FBIL benchmark is not the conversion reference.

Publication cadence: Weekly publication, component-specific observation dates.

Full history, published components and source notes · Download CSV

Source: Reserve Bank of India, India Dispatch Research

Merchant categories

Full series: UPI merchant categories

Merchant categories

Groceries & supermarkets led merchant volume with 3.94 billion in September 2026

The ranking covers merchant categories published by NPCI.

Terms in this reading
UPI
The Unified Payments Interface, India’s shared network for instant payments between bank accounts. Definition and conventions
01Groceries & supermarkets3.94 billion
02Fast food restaurants1.51 billion
03Eating places & restaurants1.28 billion
04Telecommunication services811.6 million
05Service stations744.8 million
06Bakeries505 million
07Cigar shops & stands476.4 million
08Drug stores & pharmacies329.7 million
09Dairies294.4 million
10Purchase of digital gold246.3 million

data.indiadispatch.com

transaction volume for securities brokers and dealers rose 8.9% in one month, while men’s and women’s clothing shops fell 17.1%

Categories without observations in both comparison periods are excluded.

Terms in this reading
UPI
The Unified Payments Interface, India’s shared network for instant payments between bank accounts. Definition and conventions

Change in matching merchant-category transactions

transactions

Showing 6 of 28 observations, including the smallest and largest reported values. Full series and every observation

  1. Groceries & SupermarketsSeptember 2026
    −53,380,000
  2. Eating Places & RestaurantsSeptember 2026
    −20,320,000
  3. Service StationsSeptember 2026
    −28,060,000
  4. Online MarketplacesSeptember 2026
    −21,570,000
  5. Securities Brokers And DealersSeptember 2026
    7.49 million
  6. Mens And Womens Clothing ShopsSeptember 2026
    −15,840,000
0

August 2026 to September 2026

Only categories reported under the same MCC in both published snapshots are included. An absent category is not zero. This is a difference between snapshots, not a continuous history.

Source: National Payments Corporation of India

Chart notes

Bars compare the reported observations on the same scale. The marked zero is not a missing observation. Missing observations are not zero.

Change in matching merchant-category transactions. Every supplied observation. Unit: transactions. August 2026 to September 2026. Source: National Payments Corporation of India
ObservationPeriodValueUS dollar equivalent where applicable
Groceries & SupermarketsSeptember 2026−53,380,000Not applicable
Fast Food RestaurantsSeptember 2026−7,300,000Not applicable
Eating Places & RestaurantsSeptember 2026−20,320,000Not applicable
Telecommunication ServicesSeptember 2026−6,200,000Not applicable
Service StationsSeptember 2026−28,060,000Not applicable
BakeriesSeptember 2026−10,370,000Not applicable
Cigar Shops & StandsSeptember 20265.94 millionNot applicable
Drug Stores & PharmaciesSeptember 2026−6,200,000Not applicable
DairiesSeptember 2026−3,810,000Not applicable
Purchase Of Digital GoldSeptember 2026−2,920,000Not applicable
Debt Collection AgenciesSeptember 20267.05 millionNot applicable
Package Shops Beer, Wine And LiquorSeptember 20261.59 millionNot applicable
Online MarketplacesSeptember 2026−21,570,000Not applicable
Government Services Not Elsewhere ClassifiedSeptember 2026−3,730,000Not applicable
Utilities Electric, Gas, Water And SanitarySeptember 2026−2,410,000Not applicable
Candy, Nut And Confectionery ShopsSeptember 202670,000Not applicable
Freezer And Locker Meat ProvisionersSeptember 20266.21 millionNot applicable
Variety StoresSeptember 2026−1,200,000Not applicable
Digital Goods: Media, Books, Movies, MusicSeptember 2026610,000Not applicable
Securities Brokers And DealersSeptember 20267.49 millionNot applicable
Drinking Places (Alcoholic Beverages) Bars, Taverns, Night-Clubs, Cocktail Lounges And DiscothquesSeptember 2026−2,530,000Not applicable
Beauty And Barber ShopsSeptember 2026−5,540,000Not applicable
Family Clothing ShopsSeptember 2026−10,250,000Not applicable
Electronics Repair ShopsSeptember 2026−1,580,000Not applicable
Electronics ShopsSeptember 2026130,000Not applicable
Department StoresSeptember 2026−5,800,000Not applicable
Mens And Womens Clothing ShopsSeptember 2026−15,840,000Not applicable
Taxi-Cabs And LimousinesSeptember 2026−7,140,000Not applicable

data.indiadispatch.com

Compared with August 2026

Growth

Transaction volume
  1. Securities brokers and dealers+8.9%
  2. Freezer and locker meat provisioners+5.1%
  3. Debt collection agencies+3.3%
  4. Cigar shops & stands+1.3%
  5. Beer, wine and liquor shops+0.7%
  6. Digital goods: media, books, movies, music+0.7%

Decline

Transaction volume
  1. Men’s and women’s clothing shops−17.1%
  2. Online marketplaces−11.6%
  3. Family clothing shops−10.4%
  4. Taxi-cabs and limousines−8.6%
  5. Department stores−6.8%
  6. Beauty and barber shops−5.9%

merchant-category comparisons in September 2026

Terms in this reading
UPI
The Unified Payments Interface, India’s shared network for instant payments between bank accounts. Definition and conventions
RankMerchant categoryTransactionsMonthSix monthsOne yearValueAverage payment
01Groceries & supermarketsMCC 54113.94 billion−1.3%+5.1%+26.1%₹842.38 billion (₹84,238 crore)$8.86 billion₹214$2.25
02Fast food restaurantsMCC 58141.51 billion−0.5%+2.4%+16.6%₹181.32 billion (₹18,132 crore)$1.91 billion₹120$1.26
03Eating places & restaurantsMCC 58121.28 billion−1.6%+2.3%+9.9%₹214.06 billion (₹21,406 crore)$2.25 billion₹167$1.76
04Telecommunication servicesMCC 4814811.6 million−0.8%−11.3%−2.1%₹232.97 billion (₹23,297 crore)$2.45 billion₹287$3.02
05Service stationsMCC 5541744.8 million−3.6%+10.4%+20.2%₹423.68 billion (₹42,368 crore)$4.45 billion₹569$5.98
06BakeriesMCC 5462505 million−2%+71.4%+91%₹67.18 billion (₹6,718 crore)$706 million₹133$1.4
07Cigar shops & standsMCC 5993476.4 million+1.3%+20.6%+39.9%₹30.93 billion (₹3,093 crore)$325 million₹65$0.683
08Drug stores & pharmaciesMCC 5912329.7 million−1.8%+9%+2.6%₹137.74 billion (₹13,774 crore)$1.45 billion₹418$4.39
09DairiesMCC 5451294.4 million−1.3%+37.9%+63.7%₹63.6 billion (₹6,360 crore)$669 million₹216$2.27
10Purchase of digital goldMCC 5412246.3 million−1.2%−3.2%+138.7%₹25.85 billion (₹2,585 crore)$272 million₹105$1.1
11Debt collection agenciesMCC 7322222 million+3.3%+22.2%+66.3%₹762.45 billion (₹76,245 crore)$8.02 billion₹3,434$36.1
12Beer, wine and liquor shopsMCC 5921216.6 million+0.7%+13.2%+46.6%₹88.84 billion (₹8,884 crore)$934 million₹410$4.31
13Online marketplacesMCC 5262164.4 million−11.6%+16%+16.4%₹86.92 billion (₹8,692 crore)$914 million₹529$5.56
14Government services not elsewhere classifiedMCC 9399148.9 million−2.4%+10.1%+40.5%₹108.6 billion (₹10,860 crore)$1.14 billion₹730$7.67
15Utilities electric, gas, water and sanitaryMCC 4900147.2 million−1.6%−4.3%−8.3%₹241.15 billion (₹24,115 crore)$2.54 billion₹1,639$17.2
16Candy, nut and confectionery shopsMCC 5441136.4 million+0.1%−3.4%+21.8%₹27.48 billion (₹2,748 crore)$289 million₹201$2.12
17Freezer and locker meat provisionersMCC 5422127.7 million+5.1%−1%+30%₹42.54 billion (₹4,254 crore)$447 million₹333$3.5
18Variety storesMCC 5331107.4 million−1.1%+60.2%+61.8%₹42.99 billion (₹4,299 crore)$452 million₹400$4.21
19Digital goods: media, books, movies, musicMCC 581591.6 million+0.7%Not comparableNot comparable₹20.35 billion (₹2,035 crore)$214 million₹222$2.33
20Securities brokers and dealersMCC 621191.6 million+8.9%+18.7%+49.2%₹741.16 billion (₹74,116 crore)$7.79 billion₹8,090$85.1
21Bars and pubsMCC 581390.5 million−2.7%−3.8%+8.3%₹36.05 billion (₹3,605 crore)$379 million₹398$4.19
22Beauty and barber shopsMCC 723088.5 million−5.9%+0.9%+13.7%₹24.56 billion (₹2,456 crore)$258 million₹278$2.92
23Family clothing shopsMCC 565188.2 million−10.4%−0.3%+54.4%₹76.66 billion (₹7,666 crore)$806 million₹869$9.14
24Electronics repair shopsMCC 762286.1 million−1.8%+5.3%+11.7%₹23.23 billion (₹2,323 crore)$244 million₹270$2.84
25Electronics shopsMCC 573282.3 million+0.2%−6.1%+4.4%₹100.62 billion (₹10,062 crore)$1.06 billion₹1,222$12.9
26Department storesMCC 531179 million−6.8%+0.1%+14.8%₹46.66 billion (₹4,666 crore)$491 million₹591$6.21
27Men’s and women’s clothing shopsMCC 569176.9 million−17.1%−27%−11.1%₹95.67 billion (₹9,567 crore)$1.01 billion₹1,244$13.1
28Taxi-cabs and limousinesMCC 412175.7 million−8.6%+2.1%+8.2%₹10.84 billion (₹1,084 crore)$114 million₹143$1.51
29Passenger railwaysMCC 411273.8 millionNot comparable+2.9%−4.9%₹52.96 billion (₹5,296 crore)$557 million₹718$7.55

States and territories

Full series: UPI payments by state and territory

Geography

Maharashtra led state-attributed volume with 2.36 billion in September 2026

NPCI reports state and union-territory activity separately from unclassified transactions. Shares use the same month’s national total.

Terms in this reading
UPI
The Unified Payments Interface, India’s shared network for instant payments between bank accounts. Definition and conventions

State-attributed UPI transactions

million transactions

Showing 6 of 37 observations, including the smallest and largest reported values. Full series and every observation

  1. Maharashtra
    2.36 billion
  2. Karnataka
    1.25 billion
  3. Uttar Pradesh
    1.25 billion
  4. Tamil Nadu
    975.8 million
  5. Lakshadweep
    0.8 million
  6. Unclassified
    10.65 billion
0

September 2026

Attribution does not establish where a payer or recipient lives. Unclassified activity remains unclassified.

Source: National Payments Corporation of India

Chart notes

Bars compare the reported observations on the same scale. The marked zero is not a missing observation. Missing observations are not zero.

Read every observation in the full data tables

data.indiadispatch.com

RankState / UTTransactionsVolume shareValueValue share
01Maharashtra2.36 billion9.82%₹2.74 trillion (₹2.74 lakh crore)$28.8 billion9.32%
02Karnataka1.25 billion5.18%₹1.72 trillion (₹1.72 lakh crore)$18.1 billion5.86%
03Uttar Pradesh1.25 billion5.18%₹1.51 trillion (₹1.51 lakh crore)$15.9 billion5.15%
04Tamil Nadu975.8 million4.05%₹1.47 trillion (₹1.47 lakh crore)$15.4 billion5%
05Telangana934.2 million3.88%₹1.42 trillion (₹1.42 lakh crore)$14.9 billion4.82%
06Andhra Pradesh657.3 million2.73%₹1.06 trillion (₹1.06 lakh crore)$11.2 billion3.62%
07Gujarat614.9 million2.55%₹907.18 billion (₹90,718 crore)$9.54 billion3.09%
08Rajasthan595.1 million2.47%₹830.86 billion (₹83,086 crore)$8.73 billion2.83%
09Delhi569 million2.36%₹731.11 billion (₹73,111 crore)$7.69 billion2.49%
10West Bengal522.1 million2.17%₹716.83 billion (₹71,683 crore)$7.54 billion2.44%
11Kerala511.3 million2.12%₹700.66 billion (₹70,066 crore)$7.37 billion2.39%
12Madhya Pradesh496.1 million2.06%₹620.56 billion (₹62,056 crore)$6.52 billion2.11%
13Bihar491.2 million2.04%₹634.73 billion (₹63,473 crore)$6.67 billion2.16%
14Haryana470.3 million1.95%₹645.3 billion (₹64,530 crore)$6.78 billion2.2%
15Odisha320.9 million1.33%₹387.08 billion (₹38,708 crore)$4.07 billion1.32%
16Assam256.6 million1.07%₹255.44 billion (₹25,544 crore)$2.69 billion0.87%
17Punjab256.1 million1.06%₹417.29 billion (₹41,729 crore)$4.39 billion1.42%
18Jharkhand195.5 million0.81%₹238.31 billion (₹23,831 crore)$2.51 billion0.81%
19Chhattisgarh153.2 million0.64%₹181.86 billion (₹18,186 crore)$1.91 billion0.62%
20Uttarakhand129.3 million0.54%₹156.67 billion (₹15,667 crore)$1.65 billion0.53%
21Jammu and Kashmir105.7 million0.44%₹139.43 billion (₹13,943 crore)$1.47 billion0.47%
22Himachal Pradesh66.4 million0.28%₹85.74 billion (₹8,574 crore)$901 million0.29%
23Goa37.7 million0.16%₹55.51 billion (₹5,551 crore)$584 million0.19%
24Chandigarh29.7 million0.12%₹36.81 billion (₹3,681 crore)$387 million0.13%
25Arunachal Pradesh26.9 million0.11%₹34.05 billion (₹3,405 crore)$358 million0.12%
26Puducherry22.4 million0.09%₹30.92 billion (₹3,092 crore)$325 million0.11%
27Meghalaya21 million0.09%₹24.06 billion (₹2,406 crore)$253 million0.08%
28Manipur19.2 million0.08%₹34.5 billion (₹3,450 crore)$363 million0.12%
29Tripura18.8 million0.08%₹23.48 billion (₹2,348 crore)$247 million0.08%
30Mizoram16.6 million0.07%₹21.83 billion (₹2,183 crore)$230 million0.07%
31Nagaland15.5 million0.06%₹20.93 billion (₹2,093 crore)$220 million0.07%
32Dadra & Nagar Haveli & Daman & Diu11.7 million0.05%₹12.77 billion (₹1,277 crore)$134 million0.04%
33Sikkim10.1 million0.04%₹12.85 billion (₹1,285 crore)$135 million0.04%
34Ladakh5.4 million0.02%₹10.32 billion (₹1,032 crore)$109 million0.04%
35Andaman and Nicobar Islands4.4 million0.02%₹6.54 billion (₹654 crore)$68.7 million0.02%
36Lakshadweep0.8 million<0.01%₹816.53 million (≈ ₹81.65 crore)$8.58 million<0.01%
Not rankedUnclassified10.65 billion44.25%₹11.48 trillion (₹11.48 lakh crore)$121 billion39.08%

apps

Full series: UPI app market share

apps

PhonePe handled 45.6% of payer-app volume in September 2026

PhonePe and Google Pay together held 77.8%, compared with 80.2% six months earlier.

Terms in this reading
UPI
The Unified Payments Interface, India’s shared network for instant payments between bank accounts. Definition and conventions
01PhonePe45.57%
02Google Pay32.23%
03Paytm8.12%
04Navi4.76%
05super.money1.69%
06BHIM1.06%
07FamApp0.95%
08WhatsApp0.8%
09Kotak Mahindra Bank Apps0.59%
10CRED0.59%
11Axis Bank Apps0.56%
12Amazon Pay0.38%
13Slice Small Finance Bank Apps0.35%
14Mobikwik0.3%
15HDFC Bank Apps0.27%
16IDFC Bank Apps0.24%
17ICICI Bank Apps0.24%
18Yes Bank Apps0.19%
19State Bank of India Apps0.13%
20Unity Small Finance Bank Apps0.09%

data.indiadispatch.com

PhonePe’s volume share fell 1.1 points over six months

Six-month change in payer-app share

percentage points

Showing 6 of 20 observations, including the smallest and largest reported values. Full series and every observation

  1. PhonePeSeptember 2026
    −1.1309499016
  2. Google PaySeptember 2026
    −1.2733105039
  3. PaytmSeptember 2026
    0.2475863603
  4. NaviSeptember 2026
    1.243366178
  5. FamAppSeptember 2026
    0.2031705218
  6. WhatsappSeptember 2026
    0.2212080536
0

March 2026 to September 2026

Current volume divided by its payer-app denominator, less prior volume divided by that snapshot’s denominator, multiplied by 100. Only apps present in both snapshots are compared. Missing apps are not zero.

Source: National Payments Corporation of India

Chart notes

Bars compare the reported observations on the same scale. The marked zero is not a missing observation. Missing observations are not zero.

Six-month change in payer-app share. Every supplied observation. Unit: percentage points. March 2026 to September 2026. Source: National Payments Corporation of India
ObservationPeriodValueUS dollar equivalent where applicable
PhonePeSeptember 2026−1.1309499016Not applicable
Google PaySeptember 2026−1.2733105039Not applicable
PaytmSeptember 20260.2475863603Not applicable
NaviSeptember 20261.243366178Not applicable
Super.MoneySeptember 20260.1754884012Not applicable
BHIMSeptember 20260.1608953725Not applicable
FamAppSeptember 20260.2031705218Not applicable
WhatsappSeptember 20260.2212080536Not applicable
Kotak Mahindra Bank AppsSeptember 20260.0813811762Not applicable
CREDSeptember 2026−0.134979874Not applicable
Axis Bank AppsSeptember 2026−0.0385775013Not applicable
Amazon PaySeptember 2026−0.0063499023Not applicable
Slice Small Finance Bank AppsSeptember 20260.1271635222Not applicable
MobikwikSeptember 2026−0.0475385986Not applicable
HDFC Bank AppsSeptember 2026−0.074575805Not applicable
IDFC Bank AppsSeptember 20260.0367589127Not applicable
ICICI Bank AppsSeptember 20260.0318053333Not applicable
Yes Bank AppsSeptember 2026−0.0002476491Not applicable
State Bank Of India AppsSeptember 20260.0485355939Not applicable
Unity Small Finance Bank AppsSeptember 20260.0866347525Not applicable

data.indiadispatch.com

RankApplicationTransactionsValueSeptember 2026 shareSix months agoChange
01PhonePe10.91 billion₹13.97 trillion (₹13.97 lakh crore)$147 billion45.57%46.7%−1.1 points
02Google Pay7.71 billion₹9.88 trillion (₹9.88 lakh crore)$104 billion32.23%33.5%−1.3 points
03Paytm1.94 billion₹2.05 trillion (₹2.05 lakh crore)$21.5 billion8.12%7.87%+0.2 points
04Navi1.14 billion₹549.78 billion (₹54,978 crore)$5.78 billion4.76%3.51%+1.2 points
05super.money405.1 million₹196.13 billion (₹19,613 crore)$2.06 billion1.69%1.52%+0.2 points
06BHIM253.9 million₹287.3 billion (₹28,730 crore)$3.02 billion1.06%0.9%+0.2 points
07FamApp228 million₹30.1 billion (₹3,010 crore)$316 million0.95%0.75%+0.2 points
08WhatsApp192.1 million₹146.56 billion (₹14,656 crore)$1.54 billion0.8%0.58%+0.2 points
09Kotak Mahindra Bank Apps141.5 million₹176 billion (₹17,600 crore)$1.85 billion0.59%0.51%+0.1 points
10CRED141.4 million₹564.6 billion (₹56,460 crore)$5.94 billion0.59%0.73%−0.1 points
11Axis Bank Apps134.9 million₹133.66 billion (₹13,366 crore)$1.41 billion0.56%0.6%Unchanged
12Amazon Pay91.7 million₹104.4 billion (₹10,440 crore)$1.1 billion0.38%0.39%Unchanged
13Slice Small Finance Bank Apps83.9 million₹73.35 billion (₹7,335 crore)$771 million0.35%0.22%+0.1 points
14Mobikwik72.4 million₹83.99 billion (₹8,399 crore)$883 million0.3%0.35%Unchanged
15HDFC Bank Apps64 million₹182.95 billion (₹18,295 crore)$1.92 billion0.27%0.34%−0.1 points
16IDFC Bank Apps57.4 million₹44.97 billion (₹4,497 crore)$473 million0.24%0.2%Unchanged
17ICICI Bank Apps57.3 million₹223.48 billion (₹22,348 crore)$2.35 billion0.24%0.21%Unchanged
18Yes Bank Apps46 million₹76.38 billion (₹7,638 crore)$803 million0.19%0.19%Unchanged
19State Bank of India Apps30.9 million₹71.2 billion (₹7,120 crore)$749 million0.13%0.08%Unchanged
20Unity Small Finance Bank Apps20.8 million₹27.58 billion (₹2,758 crore)$290 million0.09%<0.01%+0.1 points

Credit cards

Full series: Credit cards · Credit cards by bank

Credit cards in circulation

India had 125.32 million credit cards in circulation in September 2026

Cards outstanding at month end, August 2023 to September 2026.

Number in circulation at month end across reporting banks. Credit cards in circulation. Latest shown reading: 125.32 million in September 2026.
Credit cards in circulation, observations in the selected range
PeriodCount
August 202391.28 million
September 202393.02 million
October 202394.71 million
November 202396 million
December 202397.9 million
January 202499.5 million
February 2024100.6 million
March 2024101.8 million
April 2024102.54 million
May 2024103.3 million
June 2024103.81 million
July 2024104.57 million
August 2024105.42 million
September 2024106.1 million
October 2024106.89 million
November 2024107.24 million
December 2024108.06 million
January 2025108.87 million
February 2025109.32 million
March 2025109.88 million
April 2025110.44 million
May 2025111.05 million
June 2025110.97 million
July 2025111.81 million
August 2025112.5 million
September 2025113.51 million
October 2025114.13 million
November 2025115 million
December 2025115.79 million
January 2026116.65 million
February 2026117.7 million
March 2026118.63 million
April 2026119.46 million
May 2026120.45 million
June 2026121.59 million
July 2026122.86 million
August 2026124 million
September 2026125.32 million

data.indiadispatch.com

Credit card payments

Cardholders made 610.1 million credit-card payments worth ₹2.04 trillion (₹2.04 lakh crore) ($21.4 billion) in September 2026

Payment value excludes credit-card cash withdrawals.

Payment value · September 2026₹2.04 trillion$21.4 billion
Axis in INR. Paired USD values use the site’s dated reference rate. Credit card payment value. Latest shown reading: ₹2.04 trillion ($21.4 billion) in September 2026.
Credit card payment value, observations in the selected range
PeriodValue in Indian rupeesUS dollar equivalent at the site’s dated reference rate
August 2023₹1.49 trillion$15.6 billion
September 2023₹1.42 trillion$15 billion
October 2023₹1.79 trillion$18.8 billion
November 2023₹1.61 trillion$16.9 billion
December 2023₹1.65 trillion$17.4 billion
January 2024₹1.66 trillion$17.5 billion
February 2024₹1.49 trillion$15.7 billion
March 2024₹1.64 trillion$17.3 billion
April 2024₹1.56 trillion$16.5 billion
May 2024₹1.65 trillion$17.3 billion
June 2024₹1.59 trillion$16.7 billion
July 2024₹1.73 trillion$18.2 billion
August 2024₹1.68 trillion$17.7 billion
September 2024₹1.76 trillion$18.5 billion
October 2024₹2.02 trillion$21.2 billion
November 2024₹1.69 trillion$17.8 billion
December 2024₹1.88 trillion$19.8 billion
January 2025₹1.84 trillion$19.4 billion
February 2025₹1.67 trillion$17.6 billion
March 2025₹2.01 trillion$21.2 billion
April 2025₹1.84 trillion$19.4 billion
May 2025₹1.9 trillion$20 billion
June 2025₹1.83 trillion$19.2 billion
July 2025₹1.94 trillion$20.4 billion
August 2025₹1.91 trillion$20.1 billion
September 2025₹2.17 trillion$22.8 billion
October 2025₹2.14 trillion$22.5 billion
November 2025₹1.89 trillion$19.8 billion
December 2025₹2.05 trillion$21.5 billion
January 2026₹1.99 trillion$20.9 billion
February 2026₹1.77 trillion$18.6 billion
March 2026₹2.19 trillion$23.1 billion
April 2026₹1.97 trillion$20.7 billion
May 2026₹2.03 trillion$21.3 billion
June 2026₹2.01 trillion$21.2 billion
July 2026₹2.08 trillion$21.9 billion
August 2026₹2.02 trillion$21.3 billion
September 2026₹2.04 trillion$21.4 billion
Payment volume · September 2026610.1 million
Monthly credit-card payment transactions across reporting banks. Credit card payment volume. Latest shown reading: 610.1 million in September 2026.
Credit card payment volume, observations in the selected range
PeriodTransactions
August 2023290.6 million
September 2023273.9 million
October 2023320 million
November 2023297.1 million
December 2023321.5 million
January 2024329 million
February 2024311.2 million
March 2024343.9 million
April 2024344.2 million
May 2024360.1 million
June 2024357.9 million
July 2024383.8 million
August 2024390 million
September 2024392.2 million
October 2024433.2 million
November 2024393.6 million
December 2024432.8 million
January 2025430.6 million
February 2025397 million
March 2025458.7 million
April 2025450.3 million
May 2025467.7 million
June 2025458.7 million
July 2025486.2 million
August 2025493.6 million
September 2025495.2 million
October 2025518.3 million
November 2025503 million
December 2025539.8 million
January 2026539.7 million
February 2026493.8 million
March 2026577.5 million
April 2026559.5 million
May 2026595.5 million
June 2026581.3 million
July 2026605.3 million
August 2026632.4 million
September 2026610.1 million

data.indiadispatch.com

Online vs swipe

61.8% of credit-card payment value was online in September 2026

The remaining value was reported at physical points of sale or in RBI's separately reported other channel.

Online credit-card payment value as a share of all payment value reported by banks. Cash withdrawals are excluded. Online share of credit-card payment value. Latest shown reading: 61.8% in September 2026.
Online share of credit-card payment value, observations in the selected range
PeriodPercent
August 202364.4%
September 202365.3%
October 202367.6%
November 202363.3%
December 202364.7%
January 202464.8%
February 202463.5%
March 202463.3%
April 202460.4%
May 202461.3%
June 202462.6%
July 202463.9%
August 202462.5%
September 202465.5%
October 202460.7%
November 202459.7%
December 202461.1%
January 202562.3%
February 202562.8%
March 202564.5%
April 202563.1%
May 202563.3%
June 202563.1%
July 202563.7%
August 202561.9%
September 202566.5%
October 202558.7%
November 202559.9%
December 202561.6%
January 202661.8%
February 202661.9%
March 202664.2%
April 202662.5%
May 202662.2%
June 202663.1%
July 202663.6%
August 202660.7%
September 202661.8%

data.indiadispatch.com

Source: Reserve Bank of India, India Dispatch Research

Largest card books

The ten largest bank books held 89% of India’s credit cards in September 2026

Shares use cards outstanding at month end.

01HDFC Bank27.38 million
02State Bank of India23.17 million
03ICICI Bank19.86 million
04Axis Bank16.55 million
05IDFC First Bank5.01 million
06Kotak Mahindra Bank4.89 million
07RBL Bank4.72 million
08Bank of Baroda3.49 million
09Yes Bank3.12 million
10IndusInd Bank2.97 million

data.indiadispatch.com

Card-book changes

HDFC Bank added 280,353 credit cards while SBM Bank India reduced its credit-card book by 31,615 in September 2026

Each figure is the net change in cards outstanding at month end.

One-month changes in bank card books

cards

Showing 6 of 63 observations, including the smallest and largest reported values. Full series and every observation

  1. Bank Of BarodaSeptember 2026
    114,083
  2. State Bank Of IndiaSeptember 2026
    208,026
  3. Axis BankSeptember 2026
    259,525
  4. HDFC BankSeptember 2026
    280,353
  5. SBM Bank IndiaSeptember 2026
    −31,615
  6. Slice Small Finance BankSeptember 2026
    89,794
0

August 2026 to September 2026

Current cards less prior cards for matching stable bank IDs. Banks missing in either release are omitted, not treated as zero.

Source: Reserve Bank of India

Chart notes

Bars compare the reported observations on the same scale. The marked zero is not a missing observation. Missing observations are not zero.

One-month changes in bank card books. Every supplied observation. Unit: cards. August 2026 to September 2026. Source: Reserve Bank of India
ObservationPeriodValueUS dollar equivalent where applicable
Bank Of BarodaSeptember 2026114,083Not applicable
Bank Of IndiaSeptember 202612,573Not applicable
Bank Of MaharashtraSeptember 20260Not applicable
Canara BankSeptember 20267,680Not applicable
Central Bank Of IndiaSeptember 20260Not applicable
Indian BankSeptember 2026−217Not applicable
Indian Overseas BankSeptember 202612,528Not applicable
Punjab And Sind BankSeptember 20260Not applicable
Punjab National BankSeptember 202639,754Not applicable
State Bank Of IndiaSeptember 2026208,026Not applicable
UCO BankSeptember 20260Not applicable
Union Bank Of IndiaSeptember 2026−1,420Not applicable
Axis BankSeptember 2026259,525Not applicable
Bandhan BankSeptember 20264,020Not applicable
City Union BankSeptember 20261,601Not applicable
CSB BankSeptember 2026−2,468Not applicable
Dcb BankSeptember 20266,238Not applicable
Dhanalaxmi BankSeptember 2026314Not applicable
Federal BankSeptember 202681,753Not applicable
HDFC BankSeptember 2026280,353Not applicable
ICICI BankSeptember 202629,621Not applicable
IDBI BankSeptember 20261,031Not applicable
IDFC First BankSeptember 202656,634Not applicable
IndusInd BankSeptember 2026−778Not applicable
Jammu And Kashmir BankSeptember 20268,607Not applicable
Karnataka BankSeptember 20260Not applicable
Karur Vysya BankSeptember 202685Not applicable
Kotak Mahindra BankSeptember 2026453Not applicable
Nainital BankSeptember 20260Not applicable
RBL BankSeptember 202625,611Not applicable
South Indian BankSeptember 2026−2,930Not applicable
Tamilnad Mercantile BankSeptember 2026684Not applicable
Yes BankSeptember 202641,427Not applicable
American Express Banking CorporationSeptember 2026−13,895Not applicable
Bank Of AmericaSeptember 20260Not applicable
Bank Of Bahrain & Kuwait B.S.C.September 20260Not applicable
Barclays Bank PlcSeptember 20260Not applicable
Citi BankSeptember 20262,506Not applicable
DBS Bank IndiaSeptember 2026−3,015Not applicable
Deutsche BankSeptember 20260Not applicable
Doha Bank Q.P.S.C.September 20260Not applicable
HSBCSeptember 202617,437Not applicable
Keb Hana BankSeptember 20260Not applicable
Kookmin BankSeptember 20260Not applicable
SBM Bank IndiaSeptember 2026−31,615Not applicable
Standard Chartered BankSeptember 2026−12,755Not applicable
Woori BankSeptember 20260Not applicable
Airtel Payments BankSeptember 20260Not applicable
Fino Payments BankSeptember 20260Not applicable
India Post Payments BankSeptember 20260Not applicable
Jio Payments BankSeptember 20260Not applicable
Nsdl Payments BankSeptember 20260Not applicable
Au Small Finance BankSeptember 202636,096Not applicable
Capital Small Finance BankSeptember 20260Not applicable
Equitas Small Finance BankSeptember 20261,333Not applicable
Esaf Small Finance BankSeptember 2026−289Not applicable
Jana Small Finance BankSeptember 20260Not applicable
Slice Small Finance BankSeptember 202689,794Not applicable
Shivalik Small Finance BankSeptember 20260Not applicable
Suryoday Small Finance BankSeptember 20262,785Not applicable
Ujjivan Small Finance BankSeptember 20260Not applicable
Unity Small Finance BankSeptember 202635,543Not applicable
Utkarsh Small Finance BankSeptember 20262,832Not applicable

data.indiadispatch.com

Compared with August 2026

Most cards added

Net change
  1. 01HDFC Bank+280,353
  2. 02Axis Bank+259,525
  3. 03State Bank of India+208,026
  4. 04Bank of Baroda+114,083
  5. 05Slice Small Finance Bank+89,794
  6. 06Federal Bank+81,753
  7. 07IDFC First Bank+56,634
  8. 08Yes Bank+41,427
  9. 09Punjab National Bank+39,754
  10. 10AU Small Finance Bank+36,096

Most cards withdrawn

Net change
Banks with credit-card book reductions, compared with August 2026
BankReduction
SBM Bank India31,615
American Express Banking Corporation13,895
Standard Chartered Bank12,755
DBS Bank India3,015
South Indian Bank2,930
CSB Bank2,468
Union Bank of India1,420
IndusInd Bank778
ESAF Small Finance Bank289
Indian Bank217

data.indiadispatch.com

Cash withdrawals

Full series: Debit-card cash withdrawals

Debit-card cash withdrawals

Debit cards dispensed ₹2.19 trillion (₹2.19 lakh crore) ($23 billion) in cash in September 2026

Cash withdrawn on debit cards at ATMs and PoS terminals.

Monthly cash-withdrawal value reported for debit cards across banks. Axis in INR. Paired USD values use the site’s dated reference rate. Debit-card cash withdrawal value. Latest shown reading: ₹2.19 trillion ($23 billion) in September 2026.
Debit-card cash withdrawal value, observations in the selected range
PeriodValue in Indian rupeesUS dollar equivalent at the site’s dated reference rate
August 2023₹2.72 trillion$28.6 billion
September 2023₹2.59 trillion$27.2 billion
October 2023₹2.76 trillion$29 billion
November 2023₹2.75 trillion$28.9 billion
December 2023₹2.68 trillion$28.2 billion
January 2024₹2.59 trillion$27.3 billion
February 2024₹2.56 trillion$26.9 billion
March 2024₹2.77 trillion$29.1 billion
April 2024₹2.64 trillion$27.8 billion
May 2024₹2.59 trillion$27.2 billion
June 2024₹2.54 trillion$26.7 billion
July 2024₹2.49 trillion$26.2 billion
August 2024₹2.54 trillion$26.7 billion
September 2024₹2.44 trillion$25.6 billion
October 2024₹2.84 trillion$29.9 billion
November 2024₹2.4 trillion$25.3 billion
December 2024₹2.51 trillion$26.4 billion
January 2025₹2.51 trillion$26.4 billion
February 2025₹2.34 trillion$24.6 billion
March 2025₹2.63 trillion$27.6 billion
April 2025₹2.43 trillion$25.6 billion
May 2025₹2.45 trillion$25.8 billion
June 2025₹2.29 trillion$24 billion
July 2025₹2.32 trillion$24.4 billion
August 2025₹2.39 trillion$25.1 billion
September 2025₹2.3 trillion$24.1 billion
October 2025₹2.5 trillion$26.3 billion
November 2025₹2.34 trillion$24.6 billion
December 2025₹2.39 trillion$25.1 billion
January 2026₹2.39 trillion$25.1 billion
February 2026₹2.3 trillion$24.2 billion
March 2026₹2.48 trillion$26.1 billion
April 2026₹2.3 trillion$24.2 billion
May 2026₹2.3 trillion$24.2 billion
June 2026₹2.16 trillion$22.7 billion
July 2026₹2.19 trillion$23.1 billion
August 2026₹2.24 trillion$23.5 billion
September 2026₹2.19 trillion$23 billion

data.indiadispatch.com

Source: Reserve Bank of India, India Dispatch Research

UPI: The Unified Payments Interface, India’s shared network for instant payments between bank accounts. Definition and conventionsWALR: Weighted average lending rate, an average of bank lending rates weighted by the relevant loan amounts. Fresh-loan and outstanding-loan rates are different measures. Definition and conventionsWADTDR: Weighted average domestic term-deposit rate, an average of rates on domestic term deposits weighted by deposit amounts. Fresh and outstanding deposit rates are separate measures. Definition and conventionsMCLR: Marginal cost of funds based lending rate, a bank’s published lending benchmark. It is not the same as every borrower’s actual loan rate. Definition and conventionsRepo rate: The Reserve Bank of India’s policy rate for lending to banks against eligible securities. It is a policy rate, not a consumer loan rate. Definition and conventionsMCC: A merchant category code, the four-digit code used to group merchants by their main business. It classifies the merchant, not every item bought. Definition and conventions