Debit Cards grow Exponentially in India

Just like the growth of Mobile Phones in India, Debit Cards have witnessed exponential growth. According to a latest release by the RBI here are some facts of Debit Cards in India.

  • 2 Million debit card customers are added every month
  • The Debit Card user base in India now stands at 85 Million
  • Debit Card user base has doubled in 2 years
  • State bank of India has issued the largest number of debit cards – 30 million
  • ICICI bank has issued

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CIBIL Credit Score to be available soon

Credit Information Bureau of India Ltd [CIBIL] will launch Credit Scoring system known as Cibil Credit Score. If you don’t know what a Credit Score is, you can know it now here.

CIBIL is aggregating data on the basis of PAN, Passport Number, Voter ID of all borrowers. At the end of August 2007, CIBIL had credit profiles of 90 Million individual borrowers. Every month CIBIL sends out more than 2 million credit reports to various institutions to analyze a person’s creditworthiness

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Credit Card Companies withdraw liability Insurance Cover

In a shocking development, India’s Banks and Credit Card companies have withdrawn the most essential safety measure for Credit Card Holders against fraudulent transactions –
outstanding liability insurance.

What does this mean ?
Say, I am physically located in Bangalore and someone else is using my credit card to shop in Mumbai over the Internet or maybe by actually swiping the card. In such a case as a card holder I am

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