India Credit Cards Review, Advise & Market Research
Credit Adviser
Just for the sake of comparison, I compiled data directly from the RBI to track Debit Card Vs Credit Card spending habit by consumers in India. For the quarter ending DEC-2009, Indians spent Rs 16,423.66 cr on Credit Card and Rs 7,262.95 cr on their debit cards.
The following chart illustrates
In a report compiled by the FreePress as obtained from RBI on the top 10 categories of Fraud in Indian Banking system, Credit Card Fraud occupies the Numero Uno slot. This is no surprise to us since in over 3 years of existence we have received so many complaints which tell us the true story. Who is at Fault ? The RBI ? The Banks ? Or The consumer ? Well, in our opinion, the major bug lies with the System itself along with the misuse by the consumer who was pampered and spolit by the banks.
The Deficiencies of RBI in Credit
RBI in India took the best move to adopt MasterSecureCode and Verified by Visa for Online Credit Card Transactions [a.k.a CNP – Card Not Present] with effective from August-1st 2009. In a recent circular released to us,
After the RBI has allowed interbank ATM transactions, the case of Wrong / Failed ATM debit transaction have risen considerably. Many have asked on how to go about the settlement of Failed ATM Debits. Here is the complete procedure to claim your Refund in case of Wrong /Failed ATM Withdrawal Transaction and Rights
This is Fantastic News!!! I have received many e-mails stating that Banks are not coming forward to help for Settlement in case of defaults. There is HOPE for you, especially if you area defaulter on your Credit Card or Home / Personal / Auto Loan. The RBI supported Banking Codes and Standards Board of India – BCSBI is taking up cases of individuals or SMEs upto Rs 50 Lakh. BCSBI has 83 member banks from ICICI, Citi, HSBC, SBI, HDFC to Syndicate Bank in India and I am sure your bank is also on the list.
We have established contact
Read moreHow to Settle Credit / Loan Defaults India ? – Rush to BCSBI