New Delhi, May 7 (IANS): Overall volume delinquency in India's credit card industry has improved by 5 basis points (bps) in 2019, according to a report by CRIF High Mark.

The 'CreditScape' Report on the credit card industry in India further said that private banks displayed better book performance in 2019 compared to other card financiers.

"Overall volume adelinquency 90+', at 0.8 per cent in the credit card industry in the last year has improved by 5 bps. Private banks have displayed better book performance in the last year compared to other card financiers," it said.

It noted that volume delinquency of more than 30 days for private banks improved by 2 basis points over the previous year while volumedelinquency of more than 90 days improved by 7 basis points as of December 2019.

Volume delinquency of more than 30 days for other card financiers remained high, increasing by 14 bps year on year in December 2019, while volume delinquency of more than 90 days remained stable but above 1 per cent in December 2019.

According to the report, as of December 2019, the credit card industry portfolio stood at Rs 1,24,390 crores, a y-o-y growth of 44 percent.

Navin Chandani, MD & CEO, CRIF High Mark said: "Credit card, once considered a product of the affluent in major metros has expanded to a large variety of consumers in tier-II and tier-III cities as well. The Indian credit card portfolio has grown 44 per cent and active cards in force has increased by 25 per cent, respectively year on year."

He noted that the credit card industry has benefited from larger internet and smartphone penetration, advancements in e-commerce and alliances between merchants and banks in form of co-branded cards.

"Non-metro customers who were earlier conservative aboutpersonal debt and had limited access to credit cards are now warming up to the use of credit cards. This will solve for the under penetration in the marketand presents a huge potential," Chandani