Evolution of Cashless Society in India

As experience suggests, it is quite possible to live without cash. However, it is restricted currently to urban markets while in rural India, there has not been much progress to make the transition easier. One of the biggest learning experiments is the discounting methodology adopted by various companies as a tool to change payment behavior of individuals. Studies have shown that this can be successful if implemented across long periods of time.

Digital is showing positive impact on deposits through better payment platforms as well as lending. For example, aggregator models operating in India (Uber, Ola, Urban Clap etc.) have led to the emergence of a new credit class of 4.5-5.0 mn people. This is because banks now have information records of incomes of these people, and can better assess their credit worthiness. Mechanisms which have established key use cases have succeeded. Paytm , for instance,

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Understand The Interest Free Period On Your Credit Card?

Interest Free Period On Your Credit CardThey say “Necessity is the mother of all inventions”. Credit Cards were born out of the need to provide an alternative to cash. Almost half a century back, when credit cards were introduced, they became an instant hit. Till date, people love to use their “plastic money” for they are universally accepted, quick, easy and relatively safe, help you keep a record of your purchases through monthly statements, great for bill payments and provide a host of other benefits through their loyalty points programs.

Let’s step in to the wonderful world of credit and learn on how to use credit cards to our advantage by

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CitiCards MadOnDeals IVR Shopping Fraud – Advisory

Citi IVR Fraud IndiaAn esteemed reader of Advisory Services has written to share his plight on the on going IVR Credit Card Fraud that is so rampant in India so that users don’t fall prey to the same. he writes to us asking his right as a consumer of Citibank Credit Cards in India which are governed by quasi-judicial authority, the RBI.

On Friday, I received a call from 9210417583 mentioning that they are calling from so called Citibank customer service OF CITIBANK Credit Card division and they said that they are giving a free Package (1 Tshirt, 1 Pair of shoe, 1 Wallet,

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What According to CIBIL is Credit Hungry Behavior of a Consumer ?

What According to CIBIL is the meaning of “Credit Hungry Consumers” ?
India’s leading credit bureau, CIBIL which manages your credit history and credit score along with global leader Transunion has devised a word – Credit Hungry Behavior for Consumers who makes frequent loan applications [Personal Loan, Auto Loan, Credit Card, etc], as there will be a Credit Inquiry every time an application is made. This sends a negative signal for money lending institutions about the consumer credit profile. In such a case institutions who have already extended loan are likely to raise Interest Rates, Fees or EMI so as to secure their own funds.

To Explain the same, have a look at the following,

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What to do when Credit Card Application is Rejected ?

Credit Card Application RejectedIt is not uncommon for us as consumers to get tempted to BUY the Latest SmartPhone using Credit Card. However, many of you all don’t know the importance of Credit History and thus end up in the soup. A Reader of our Advisory is in a similar situation and narrates his experience with SBI Credit Cards department seeking help,

I have been informed by the SBI Credit Cards department that credit card application was rejected for not meeting the CIBIL Score which is totally baseless. I was sent a letter stating the same which not only caused mental agony as it has questioned my integrity and credibility but also embarrassed me in-front of my colleagues. Because of this reason I had to apply for my CIBIL score which

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