The exchange rate depreciated from ` 39.37 per dollar in January 2008 to ` 51.23 per dollar in March 2009. Notwithstanding our sound banking system and relatively robust financial markets, India felt the tremors of the tectonic shocks in the global financial system.
The total number of cards issued by banks and outstanding increased from 700,000 as at end-June 2001 to 1.3 million as at end-June 2011. Likewise, the actual usage has registered increases both in terms of volume and value i.e. from 1.6 million transactions amounting to Rs 2.4 billion at end-June 2001 to 4.1 million transactions aggregating Rs 7.7 billion at end-June 2011.