India Credit Card Help Guide

Credit Card Help Guide

Credit Bureaus Lobby for Mobile / Utility Bill Payment Records

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Mobile Bill Pay India - CIBILLeading Credit bureaus in India – CIBIL, Experian and Equifax have started lobbying with the government for to get access to consumers Mobile Bill Payment records. The companies have initiated talks with TRAI which currently prohibits sharing of consumer data with any of the credit bureaus in India.

Telecom Operators are Un-willing to share the information with the Bureaus unless the Government mandates. Separately, CIBIL the company which tracks your creditworthiness is also in talks with various Utility Companies (Electricity Suppliers where Consumers Pay Monthly Bills) as these records will

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Fall in Complaints – Congrats to RBI

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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

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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

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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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RBI Guidelines Empower Indian Credit Card Customers – More Security

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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,

RBI Holds Emergency Meeting with Indian Banks as they Lose Rs 30 Cr in Credit / Debit Card Fraud

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Credit Card Fraud IndiaIndian Banks are facing a tough situation as Card Skimming has led into a Massive scam and transactions occurring outside Indian Borders has led these financial institutions to face a loss upto Rs 30 Crore in the last one month. The worst affected Banks are HDFC Bank, ICICI Bank, Citibank, SBI Cards and Axis Bank.

In most cases, the Debit / Credit card is in physical possession of the holder who is very much within Indian borders. However, transactions are occurring in Mexico, Spain, United States etc. RBI has already mandated for an additional security check – Extra Password for Online Transactions – Verified by Visa or MasterSecure Code. So despite such security in place, how did this fraud happen ? The password doesn’t come into picture as the Victims Card Details were skimmed [copied without your knowledge] from Transaction Machines, ATMs, or from Credit Card Processing agencies

Read moreRBI Holds Emergency Meeting with Indian Banks as they Lose Rs 30 Cr in Credit / Debit Card Fraud