Andhra Bank is planning to expand its Credit Card customer base and business significantly. Andhra Bank followed the same strategy as HDFC Bank where credit cards were issued only
Credit Adviser
Credit Adviser
Citi Appeals 30% Interest on Credit Card Ceiling
Citi, the beleaguered financial company has appealed the order of National Consumer Disputes Redressal Commission[30% APR ceiling on credit card] in the Supreme Court. The matter will come up for hearing on Sept-8th.
Citi in its argument is taking shade
Bajaj Allianz Credit Cards
Bajaj Allianz financial distributions is planning to launch the Credit Card distribution business within the end of this year. This means the company will not issue
No Credit in Smaller Cities – Outstanding up 87%
If youa are a resident in one of the smaller cities in India, then chances are high that your application for credit card will be turned down unless you are in a safe and secured salaried job. Increasing pressure on Direct sales Associates in the past 3 quarters has led to increase credit card penetration in wrong hands thus
RBI Cracks Down on Banks with Credit Card Regulations
A fortnight after landmark ruling by the Consumer Court on Credit Card APRs, the Reserve Banks of India worked round the clock and has cracked down on Banks and Financial Institutions with new set of Regulations. Our analyst in Mumbai was able to obtain the same and here are the RBI’s recommendations. [Our comments appear in Italics]
- Issuing of Credit Cards [CC]: Banks have to asses the risk independently while issuing cards to persons, especiallyunemployed and others with no independent financial means. [This means that CIBIL will have more inquiries from CC issuing companies. Kindly maintain Good Credit History henceforth.] What is CIBIL ? Read here.
- Reasons for Rejection of CC Application: CC issuing companies are required to explain the reason for CC rejection to a potential customer if his CC application was rejected. [Fantastic Move, but will the banks comply ? ]
- End to Unsolicited Credit
Read moreRBI Cracks Down on Banks with Credit Card Regulations
Credit Card Interest Ceiling at 30% – Consumer Court
In a landmark judgment, the National Consumer Disputes Redressal Commission has ruled that Credit Card APR or Interest Rates in excess of 30% in India is illegal. Additionally, they have said, penal interest can be charged only once for one period of default and shall not
Read moreCredit Card Interest Ceiling at 30% – Consumer Court