Fall in Complaints – Congrats to RBI

RBI Registers Lower ComplaintsThe Indian Regulator has managed to buck the trend and witness fall in complaints from consumers on ATM / Credit / Debit Cards. Card related complaints declined from 17,116 to 14,492 in FY 2011-12, a fall of 15%.

SBI and Associate Banks witnessed the same level of complaints. It is the Private Banks and Foreign Banks which saw lower level of complaints both registering a fall of 28% and 44% respectively. Total of 9350 Complaints

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Indian Private Banks Rely on CIBIL Data Repositories for Lending / Monitoring

Private BanksIndian Private banks have a deeper usage of data than PSU banks. Some PSUs banks are big users of the credit bureau and there are others which are still learning to integrate the systems. The critical issue faced by PSU banks is digitalisation of documents and providing the same to CIBIL.

To increase the scope and to have early warning systems in place, CIBIL is working towards including Self Help Groups / Micro-finance Institutions to give information, as they are generally the first

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Retail Credit Quality Firm + Stress in SME – CIBIL

Mr. Satish Pillai, Chief Operating Officer, CIBIL interacted with Analysts and here is an excerpt from the same.

Retail Consumer / Citizens Loan / Credit Status
The Retail asset quality has been intact over the past one‐two years in vintage portfolios across all retail products (barring auto loans) and delinquencies are at low levels. Within auto loans, delinquencies are higher than normal in some segments for a few banks, but across‐the‐board deterioration is absent.

Why is the Retail Asset Quality Strong ?
Banks have changed sourcing strategy shifting from self employed

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ICICI Bank to issue EMV Chip Cards Only

EMV-CardsIndia’s Second Largest Credit Card issued – ICICI Bank just a while ago took the decision to move towards more secured EMV based Chip cards. ICICI Bank has a portfolio of 2.8 Mn Cards which includes VIA and MasterCard as well as the ones issued as Co-Branded Cards.

How are EMV Credit Cards Secure ?
As seen in the picture above, they come equipped with a Microchip [Gold in Color] which has encoded data that earlier was available on the Magentic Stripe. Only the Card Reader has

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RBI Guidelines Empower Indian Credit Card Customers – More Security

RBI-Guidelines-Card-SecurityThe recent Series of Credit Card Frauds on Indian Consumers happening in different parts of the World didn’t go well within the RBI. The Regulator acted Swiftly and setup an Inquiry and upon the findings have released a set of Regulations which empowers Indian Credit Card Customers. We have a Copy of RBI’s Circular – RBI/2012-13/424 DPSS (CO) PD No.1462/02.14.003 / 2012-13 and the excerpts of the same are as follows,