CardBhai

Authentic Data is so essential for Business Analysts and in the light of the same we are going to provide to you some Authentic Data on the Size of Credit Card and Debit Card market in India for Calendar Year 2011.

Firstly, we have uploaded Data on Credit Card and Debit Cards issued by each bank in India for CY 2010. CY 2011 data [Dec-31st 2011] is with us and is used in this analysis. India had 17.67 Mn Credit Cards and 26.37 Mn Debit Cards in Circulation. Breakup of Cards as shown in CY 2010 for CY 2011 is available on request.

• Credit Card Spend by Indians in 2011 Rs 90,872 Cr [$18.17 Bn at an exchange rate of 1 USD = Rs 50]compared to Rs 71, 461 Cr in 2010 [$14.29 Bn].
• Debit Card Spend by Indians in 2011 was Rs 49,761 Cr [$10 Bn ] compared to Rs 35,445 Cr [ $ 7.08 Bn] in 2010.

Read the rest of this entry »

Private Banks in India such as HDFC and ICICI embraced technology and a new theme of banking has emerged in the past decade which is based on Web and Mobile Platforms. Today, we’d like to educate readers on the new facility rolled out by HDFC Banks Online Credit Card section for customers where they can easily convert their Big Ticket Purchases into EMIs by just few clicks and in a totally transparent way. [ We are aware of Options that are available to Customer to make Purchases with EMI, but this is something new, which lets you convert into EMIs after you have done the Purchase] You can read FAQs on Credit Card EMI here.

This Month, May-2012, HDFC Cards section of the HDFC Bank website has Read the rest of this entry »

Many of us know in General what an EMI is but what most do not know the difference of availing EMI on a Credit Card vs that on Personal or any other form of Loans.

Lets suppose you BUY a new Sony LCD TV Costing Rs 50,000 to enjoy the ongoing IPL Season. However, your monthly take home salary of Rs 75,000 may not help you pay the next credit card bill which has this Big Ticket Purchase of Rs 50,000. So what is the way out ? 3 Letter Word EMI. – Equated Monthly Installment. Banks have tied up with Retailers and are increasingly pushing for EMIs on Consumer Durable Products.

So what is EMI on your Credit Card Account ?
Lets assume that you have a ICICI Bank Credit Card with Read the rest of this entry »

Indian Credit Card Operators for quite sometime have been offering Reward Points on Consumers Spending at Merchant Establishments [You don't get reward points on Cash Withdrawals or Loans on Call]

HDFC Gold Credit Card was offering 1 Point for every Rs 50 Spend in 2006 which later got revised to 1 Point for Rs 100 and now it stands at 1 Point for Rs 150. Axis Silver Credit Card offers 1 Point for every Rs 100 spend. So if you had spent Rs 10,000 in a billing cycle you would accumulate 67 Points on HDFC Gold Card and 100 Points on Axis Silver Card.

Now when you have accumulated enough points, Read the rest of this entry »

We have obtained information from the RBI on the Number of Complaints received by the Regulator on various parameters involving Debit & Credit Card Operations.

RBI said that a total of 17,116 complaints were filed by consumers in FY 2010-11 involving Unsolicited credit cards, Charging of annual fee in spite of being offered as free card, Wrong Billing, Excessive Charges, Non-dispensation of money Read the rest of this entry »

With the establishment of CIBIL, Banks have taken a breather as Fly By Night Loan takers and defaulters have been permanently banned from extending Loan facilities. Harshal Chandorkar, VP of CIBIL said that according to Data Mined by them, Banks and Financial Institutions are Approving Loans for Customers with Read the rest of this entry »

The Indian Credit Card Industry is bogged down with Thousands of Complaints of Fraud and Disputed Charges. The RBI is trying its best and thus we approached the RBI with your questions and here is what the bank has to say.

As a Credit Card Customer of a Bank regulated by RBI, what are my rights when a fraudulent transaction occurs on my card which is reported to the bank as disputed transaction?

RBI’s Response is as follows,

(i)In terms of Paragraph 4 of the Master Circular on Credit Cards Operations [PDF] of Banks, Banks have been advised that the card issuing bank should ensure the wrong bills are not raised and issued to customers. In case, a customer protests any bill, the bank should provide explanation and if necessary documentary evidence to the customer within a maximum period of 60 days with the spirit to amicably redress the grievances

(ii)Further, Read the rest of this entry »

Now that we are getting lot of e-mails on the subject of what does the Actual RBI / Ministry of Finance Rules state on the Status of a Loan Account / Credit Card mutually settled between the Bank and the Customer. We had asked the RBI this Question,

In case of a Loan / Credit Card account settled mutually between the Bank and the Customer after the customer had defaulted on payments, I would like to know, what the Bank is supposed to update at Credit Bureau – CIBIL for “STATUS” column of this particular account under consideration in accordance with RBI rules / regulations / guidelines / act / etc. Kindly provide photocopy of appropriate RBI legal document / documents relevant to this subject.

RBI’s Response to the Question is as follows,

You may kindly Read the rest of this entry »