Unsolicited Credit Card Bill – Indian Consumer Rights

ABN Amro Credit CardIt 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 »

IVR Fraud Advisory – Intouch Concepts / MedCare India

SBI Card FraudsIn the last 2 years we have seen increasing number of Frauds that has happened with SBI Credit Card Consumers. We first alerted our readers about the IVR Credit Card Fraud in Nov-2013 and since then it has only grown as you can read here about SaporDeals and again here on SBI Cards.

Today a reader of our Advisory has written about IVR Fraud by Intouch Concepts / MedCare India operating from New Delhi. He writes as follows, Read the rest of this entry »

SBI Raising Bills on Credit Card Never Delivered

SBI Credit CardA 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 – The Key to Indian Financial Sector

CIBIL Indian Financial SectorCIBIL 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 »

How to Switch On / Off Axis Bank Debit Cards ?

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 Credit Hungry Behavior of a Consumer ?

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 »