India Credit Cards Review, Advise & Market Research
The Indian Regulator has managed to buck the trend and witness fall in complaints from consumers on ATM / Credit / Debit Cards. Card related complaints declined from 17,116 to 14,492 in FY 2011-12, a fall of 15%.
SBI and Associate Banks witnessed the same level of complaints. It is the Private Banks and Foreign Banks which saw lower level of complaints both registering a fall of 28% and 44% respectively. Total of 9350 Complaints
Indian Private banks have a deeper usage of data than PSU banks. Some PSUs banks are big users of the credit bureau and there are others which are still learning to integrate the systems. The critical issue faced by PSU banks is digitalisation of documents and providing the same to CIBIL.
To increase the scope and to have early warning systems in place, CIBIL is working towards including Self Help Groups / Micro-finance Institutions to give information, as they are generally the first
Read moreIndian Private Banks Rely on CIBIL Data Repositories for Lending / Monitoring
Mr. Satish Pillai, Chief Operating Officer, CIBIL interacted with Analysts and here is an excerpt from the same.
Retail Consumer / Citizens Loan / Credit Status
The Retail asset quality has been intact over the past one‐two years in vintage portfolios across all retail products (barring auto loans) and delinquencies are at low levels. Within auto loans, delinquencies are higher than normal in some segments for a few banks, but across‐the‐board deterioration is absent.
Why is the Retail Asset Quality Strong ?
Banks have changed sourcing strategy shifting from self employed
India’s Second Largest Credit Card issued – ICICI Bank just a while ago took the decision to move towards more secured EMV based Chip cards. ICICI Bank has a portfolio of 2.8 Mn Cards which includes VIA and MasterCard as well as the ones issued as Co-Branded Cards.
How are EMV Credit Cards Secure ?
As seen in the picture above, they come equipped with a Microchip [Gold in Color] which has encoded data that earlier was available on the Magentic Stripe. Only the Card Reader has
The recent Series of Credit Card Frauds on Indian Consumers happening in different parts of the World didn’t go well within the RBI. The Regulator acted Swiftly and setup an Inquiry and upon the findings have released a set of Regulations which empowers Indian Credit Card Customers. We have a Copy of RBI’s Circular – RBI/2012-13/424 DPSS (CO) PD No.1462/02.14.003 / 2012-13 and the excerpts of the same are as follows,
Read moreRBI Guidelines Empower Indian Credit Card Customers – More Security
Experian India is gradually unveiling its Global Tools and Analytical Services to Indian customers [Banks & FIs] Apart from Serving Credit Reports and Scores, they are now offering Value Added Services which covers Frauds and Consumers on the verge of Default.
Experian has rolled out tools that track consumers borrowing / spending heavily or acting credit hungry. The trigger will alert the lender and help him manage his portfolio risk. This is essential because the customer maybe in sound position while availing the Loan / Credit facility but it may change overtime and this is captured by the Experian’s Analytics tools.
Mr. Jayram of Experian said,
Read moreHeavy Loan Borrowers / Spenders – Beware Experian Analytics Tools Monitoring You