Citibank and HSBC Violate RBI Norms

Citibank and HSBC have violated RBI norms while dealing with Credit Cards in India. The investigative agency of Governmnet of India [MRTPC] has recommended actions against both the banks. We all know that Credit Card companies in India are worse than underworld financing. Here are some of the serious crimes and offences committed by Citibank and HSBC.

• HSBC and Citibank purposely delayed sending Credit Card bills to customers so that he had very little time to come up with the money to pay his bill
• Both the banks purposely delayed collection of cheques made towards cerdit card payments such that they would collect Late Payment Fees from the customer.
• HSBC and Citbank were doing business in India through DSA - Direct Sales Agents. DSAs are known to make empty promises and latter wash off their hands leaving the consumer in dark. This is exactly what has happened with Venkatesh Bhat, one of the guys CardBhai spoke to.
• HSBC and Citibank don't have Toll Free 24/7 Customer Care numbers
• HSBC and Citibank both failed to provide detailed Terms and Conditions documents so that the customer had no proof when he disputed
• HSBC and Citibank both had no provisions of providing Terms and Conditions in local language as necessary by the RBI law.

You can write about how your credit card company is cheating on CardBhai Forum or also to RBI and let them know of the Crimes committed by these banks who are here to serve people and not loot them.

Tags: India Credit Card, HSBC, Citi, Credit Card Fraud

Megamart ICICI Tie-Up

Megamart, the retail fashion chain from Arvind Brands just a while ago announced the Tie-Up with ICICI Bank to issue Megamart-ICICI branded credit cards for shoppers at Megamart stores. Megamart has changed its busienss strategy and is focusing only on Tier-II and Tier-III cities from now.

The company currently has a retail space of 550,000 sft and a sales of Rs 100 crore.

Tags: CardBhai, Retail India, Megamart, Credit Card

Fullerton to Launch Credit Card

Fullerton India, a subsidiary of Temasek Holdings Singapore operating in the Indian NBFC market is likely to launch a credit card in tie-up with some bank. Since Temasek is one of the largest share holders in ICICI bank, it is likely that they will tie-up with ICICI Bank. ICICI's customer service is pathetic and this maybe a hurdle in Temasek signing up with it.

Fullerton India currently operates in 100 Indian cities. It is aiming to open 400 more financial retail outlets by 2010 with an investment of Rs 1,000 crore.

Tags: Credit Card, Credit Card India, Personal Loan, Card Advisor