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India's consumers in May spent 48.2 billion rupees (US$994.2 million or 705.2 million euros) using credit cards, down 13.6% from the 55.8 billion rupees during the same month last year, according to new data from the Reserve Bank of India. They initiated 18.2 million credit card transactions in May, down 15.3% from 21.5 million. Comparatively, India's debit cardholders spent 18.9 billion rupees in May, up 38% from 13.7 billion rupees a year earlier. They initiated 12.7 million debit transactions, up 36.6% from 9.3 million. India had 24 million credit cardholders and 143 million debit cardholders as of May.
