A reader of our Financial Planning and Consumer Advisory Services has written his plight on how SBI GE Credit Cards division has duped him. The intent is to serve this as caution advisory on Banking Practices in violation of the RBI Guidelines.
SBI has started sending me statements charging fines on fines for the credit card which was never delivered, even when I had paid for it. They had forfeited my reward points without giving me any intimation and kept on lying that scheme continued when there was no scheme. Imagine when a complainant is a simple common man who can pursue with you or them, he must be ending up paying them extortion money to buy peace making them rich and comforting you. SBI Cards are the people who don’t think there is any consumer law in the country and they firmly believe that they can arm twist people and extract Read the rest of this entry »
CIBIL is probably one of the less-appreciated success stories of India’s financial sector evolution. It is today, probably the back-bone of the relatively high-quality and disciplined retail credit build out in India.
CIBIL has over 350 Mn accounts and adding 4 million new accounts every month – of which 30% are new accounts. Almost all key financial sector participants are contributing and using data from CIBIL. It gained momentum and customer acceptance Read the rest of this entry »
India’s leading private bank, Axis Bank has introduced an innovative feature from security stand point, for its Customers holding Debit Card. The feature lets you “Switch On / Off the Debit Card” for transactions. What does Switch On / Off mean ? It means that the Debit Card cannot be used when it is Switched Off.
Why does one need Switch On / Off on a Debit Card ?
For the sake of argument one can easily say that Debit Cards always require a 4 or 6 Digit PIN for transaction authentication so why does one need the Turn On / Off feature ? The feature comes in handy for consumers like me where the Balance in the Read the rest of this entry »
What According to CIBIL is the meaning of “Credit Hungry Consumers” ?
India’s leading credit bureau, CIBIL which manages your credit history and credit score along with global leader Transunion has devised a word – Credit Hungry Behavior for Consumers who makes frequent loan applications [Personal Loan, Auto Loan, Credit Card, etc], as there will be a Credit Inquiry every time an application is made. This sends a negative signal for money lending institutions about the consumer credit profile. In such a case institutions who have already extended loan are likely to raise Interest Rates, Fees or EMI so as to secure their own funds.
To Explain the same, have a look at the following, Read the rest of this entry »
A reader of our Advisory Services seek guidance in his case where he closed his Axis Bank Credit Card Account after having it for 5 years and never felt like accessing the credit line. Now Axis Bank has re-opened it and he writes as following seeking guidance under relevant Laws, Rules & Regulations guiding credit card operations in India.
I haven’t used the Axis Bank Credit Card for more that 5 years now during my last discussion with bank, requested them to close the account, which they did. Now bank is saying as per RBI guidelines, they had re-issued the chip card to me, which i Read the rest of this entry »
In continuing our tradition to source authentic data and present it to you, we have published the breakup of Debit Card and Credit Cards in circulation in India at the end of Dec 2014. It gives me immense pleasure to state that Total Debit & Credit Card Penetration in India has touched a whopping 520 Million / 52 Crore [1 Crore = 10 Mn] at the end of 2014, half the size of Indian population, still less than the 97 crore mobile connections India has.
The Following Chart Shows the Read the rest of this entry »