Credit Adviser

To make online shopping safer and a real world consumer experience, the Reserve Bank of India (RBI) has made it mandatory, from 1st August, 2009 onwards, for all online transactions to have an extra level of authentication.

The extra level,

Read moreVerified by Visa + MasterCard SecureCode – Authentication from Auguest 1st.

We have been alerted by Banking Sources that the Reserve Bank of India via notification – DBOD.No.DL.BC. 138/20.16.042/2008-09 has granted access to Consumer Credit Report which banks obtain from CIBIL at a nominal charge of Rs 50 Max.

The RBI Notification said,

the provisions of sub section (1) of Section 21 of the Credit Information

Read moreConsumer Demand Credit Report Now

CIBIL is a great initiative, but it is not uncommon to see names of borrowers who have cleared all their dues in the CIBIL database. Here is a case study of a winner.

Mr. Bijay Kumar Dash applied for a Housing Loan and was turned down due to his name appearing in the CIBIL defaulters list. Mr.

Read moreAppeal against Bank for Not Clearing CIBIL Entry

The RBI has granted license to establish 3 more credit rating agencies on the lines of CIBIL. Global credit rating provider Experian and Equifax along with a startup – Highmark have been granted licenses to operate in India.

These rating agencies will rate the credit worthiness of entities

Read moreExperian + EquiFax + Highmark Credit Rating Agencies in India

The latest data released by RBI suggest that the number of Credit Cards in India havedeclined by 2,2mn. In April 2008, there were 28.3 mn credit cards and in Dec-08, the number has fallen to 26.1mn.

Reasons for Decline in Credit Cards:
The main reason for negative Growth in Credit Cards is the Global Crisis as Banks turned extremely

Read moreIndia Loses 2.2 mn Credit Cards in 9 Months