Banks and Financial Institutions are rejecting Credit Card applications from employees of troubled sectors such as – Airlines, Broking and Finance Houses, Real Estate and lastly startup companies.
HSBC has tightened lending by means of Credit Cards and Personal Loans. The banks official said,
HSBC monitors and reviews the policies governing its lending business and the risk factors that relate to its various products as a matter of routine, regularly
Well, this policy is certainly wrong, but in absence of credit bureaus and individual credit history, we have to second the bank’s decision on how and to whom they extend credit.