“India has 57 million credit cards (versus 830 million debit cards) [that] largely serve the high-end market. The credit card industry is largely concentrated with the top 4 banks (HDFC, SBI, ICICI and Axis) controlling about 70% of the total market. This space is extremely profitable for these banks — as evident from the SBI Cards IPO,” analysts at Bank of America wrote in an earlier report.

https://techcrunch.com/2021/10/18/indian-fintech-cred-valued-at-4-billion-following-251-million-fundraise/