It’s funny, isn’t it, when we ask for money from established institutions and they require us to prove that we already have enough or the potential to repay them? Unfortunately for us, every lender needs a guarantee. Credit institutions exist to make our lives easier, but without the certainty that they can make business at the same time, they would cease to exist, too. We’d rather have regulated financial institutions and comply with the financial discipline that is required than fall on hard times Read the rest of this entry »
In an era of Modi Government’s Digital India, new companies are unable to offer any new service but are looking to make it simpler and importantly, more relevant for consumers as the broad perception is that banking is a relatively complex business and the user experience/interface is far from satisfactory. Banks are defending their business as they have better data of their consumer, brand or customer trust and a large distribution network.
Digital acceptance of payment is not too high as >90% of transactions still move by cash. The extinction of the credit card business is unlikely in the medium term. The value proposition of the card would still be appealing to the consumer, especially Read the rest of this entry »
The transformation of the Indian financial sector began with consumer credit profiling by credit information company such as CIBIL and later permitting Equifax and Experian to compete in the world’s largest democracy. In the last 5 years, Credit bureaus have been a game changer for the personal / business loan and credit card segments.
Unsecured products (personal /business loans, credit cards ) are seeing continued momentum in growth. However, this difference between current and previous Read the rest of this entry »
An esteemed reader of Advisory Services has written to share his plight on the on going IVR Credit Card Fraud that is so rampant in India so that users don’t fall prey to the same. he writes to us asking his right as a consumer of Citibank Credit Cards in India which are governed by quasi-judicial authority, the RBI.
On Friday, I received a call from 9210417583 mentioning that they are calling from so called Citibank customer service OF CITIBANK Credit Card division and they said that they are giving a free Package (1 Tshirt, 1 Pair of shoe, 1 Wallet, Read the rest of this entry »
A reader of our Advisory Service reports his plight where the Card Issuing Bank has deducted money from his savings account to recover his dues on credit card and wants to know if the Bank can do it ? He Writes as follows,
I had a credit card # 4477478289029005 against which some payments were due close to 6500 I did not get any notification because I had left my then current address for higher studies now by 2011 the total due because of late payment become around 12000 later when I get a new job in 2011 I opened an account with ICICI so all my details (mobile no email address) everything was available with ICICI still without any intimation they deducted money Rs 12000 from Read the rest of this entry »
It is not uncommon practice in the Indian Banking Industry to issue Unsolicited Credit Card which may or may not have reached the end consumer. Here is a plight of our reader as he asks to fight the case against ABN Amro Bank which has been now referred to Goons / Collection Agents. He writes as under,
I first started receiving calls from ABN Amro Bank in 2007 for a credit card bill payment. That was the first communication from ABN Amro. I tried to explain them that I have not received the card and requested to track the delivery of the card. Which they never cared to do instead kept calling me and troubling my parent. They call once in 6 months or whenever am available in India and Read the rest of this entry »