Credit Card lenders in India are taking measures to safeguard their capital in the hands of Satyam Employees extended by means of Credit Cards. We have confirmation that HDFC Bank, ICICI Bank, HSBC and Citibank have reviewed the accounts of all Satyam employees and have drastically cut their credit limits and in some cases more than that – decline the transaction.
Credit Limit of one of the Associates was reduced from Rs 200,000 to Rs 40,000. Another associate reported that his credit card transaction was declined at merchant terminal. Banks have also instructed their staff to monitor salary accounts of Satyam associates and process EMIs and other loans the employee may owe to the bank first before honoring other credits.
ICICI Bank Staff said,
It is true that the credit has been cut. Credit card is an unsecured loan. We are also answerable to our shareholders.