india-credit-cards-rules

Consumer Lending DataPoints – CIBIL Analysis

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TransUnion CIBIL, a leading credit information bureau, shared some insights on behavioural trends in consumer / business lending in India. TransUnion CIBIL now has records of 400mn customers, of which 185mn customers have access to live retail lending facility. Within this, 85mn customers fall in consumer lending segment and ~100mn in business lending and others (agri, PSL etc). The company adds 15mn -20mn through new to credit route, 15% of overall.

There is improving penetration (breadth rather than depth) is reflected in unique customer enquiry growth accelerating from 27% in Q2CY18 to 43% in Q4CY18. Encouragingly, single product single account customers constitute 40–45% (in terms of volumes) for Credit Cards, Personal Loans & Consumer Durable Loans. No doubt, the cross-selling trend is on the rise—multi product multi accounts (MPMA) up from 32% in FY16 to 37% in FY18. That said, asset

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5 Important Pointers on How to Handle Your New Credit Card Smartly

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Owning a credit card is a wonderful feeling. It gives you a certain sense of financial freedom and keeps worries at bay. However, a lot of people overlook the responsibilities that come with it. By using a credit card irresponsibly, you risk not only building a massive debt but also hurting your CIBIL score in the process.

The following are 5 of the most important pointers to keep in mind when using credit cards:

1.  Avoiding Minimum Payments
Minimum payments are one of the most popular features of plastic money. They allow you prevent

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Axis Credit Card A/C Closed & Re-Opened – RBI Violation

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Axis Credit Card RBI ViolationA reader of our Advisory Services seek guidance in his case where he closed his Axis Bank Credit Card Account after having it for 5 years and never felt like accessing the credit line. Now Axis Bank has re-opened it and he writes as following seeking guidance under relevant Laws, Rules & Regulations guiding credit card operations in India.

I haven’t used the Axis Bank Credit Card for more that 5 years now during my last discussion with bank, requested them to close the account, which they did. Now bank is saying as per RBI guidelines, they had re-issued the chip card to me, which i

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StanChart Credit Card Settled – CIBIL Not Updated

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StanChart Credit Card SettlementA reader of our Advisory Services had paid the full outstanding on his StanChart Credit Card following the steps listed on Credit Card Full and Final Settlement in India. Yet there is deficiency of services from StanChart’s end and he writes about his woes seeking help [80114]

I was using Standard Chartered bank credit card till year 2008. Bank applied multiple charges and fees and so i decided to close this card. I had word with bank and bank asked me to pay INR 30,000 and assured me that nothing was due on me. They also issues me a letter saying that “Card is closed and nothing is due to me”. Now in 2013 i came to know that bank has updated

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Central Bank of India to Launch – Debit Cum Credit Card

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CBI - Debit Cum Credit CardState owned Central Bank of India has embarked on an innovative product for Indian Consumers – Debit Cum Credit Card which will be launched very shortly according to the management of the bank in a release to CardBhai. The Card will automatically act as a Credit Card when Customer’s Bank account Runs out of Funds which is linked to the Debit Card.

S Das Gupta GM of Cards Division told,

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Unused Credit Cards – Don’t Hand it Over to Anybody / Not Even Bank Agents

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Credit Card IndiaThe Kolkata Police have busted a Credit Card racket involving unused credit cards. The modus operandi set by the thieves was to call credit card holders and tell them since their card is not in-use they’d be levied charges between Rs2000 to Rs 4000. Hearing this, the consumer would retaliate and the thieves would let such consumers go and for the others they’d offer that the bank will cancel your card and an agent will be sent to your home to pick up the same. Bingo! once the consumer approved of cancellation, one of the racketeers would visit as a Sales Agent with perfect dressing and make them sign-over some documents to make it appear as legal and then collect the card.

Once the card was in their hands,

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