Debit cards drop sharply by 10 crore in March-May

Debit cards in circulation dropped by nearly 10%, or 10 crore cards, between March and May, declining from 92.4 crore to 82.4 crore as more banks replaced magnetic stripe-based cards with chip-based versions. However, credit cards in circulation rose by 10 lakh to reach nearly 5 crore in the same period.

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