Mr. B Madhivanan is the General Manager of ICICI Bank Customer Service. He spoke to Business Line on the 5th of Nov. Excerpts and some questions to the GM.
Why are interest rates no coming down on Credit Cards ?
He quoted the same thing which I had written a month ago – Once CIBIL is fully operational it will be easier to evaluate a persons credit worthiness.
Credit Card Market and Segment Size.
At the top layer their are people who spend more than Rs 150,000 per annum on credit cards. These are the ones who are pushing the average spend on credit card upwards and the average seems to be Rs 30,000 per annum. At the lower end of the spectrum the spends are only Rs 15,000 to Rs 20,000 per annum.
To a question on if he sees any danger of more people falling to a debt trap, he said,
We want the customers to read the fine print and understand what they are getting into.
Mr. Madhivanan, you should be ashamed to say that. Why do you guys go for a fine print ? Can you not print it in regular size and fonts ? Your sheet of paper on which you print is worse than my toilet paper. Shame on ICICI Bank.
He concludes by saying that CIBIL has helped them a lot. CIBIL report tells you if the consumer has defaulted or missed any payment. It is a valuable tool in judging the consumer. ICICI Bank is fined Rs 50 Lakh for hiring Underworld Goondas for recover.