RBI to launch credit card “IndiaPay” next year
Earlier a press release from Indian Bank’s Association had mentioned that they are working on a proposal to launch a payment gateway called “IndiaPay” and now the RBI says it launching a credit card called “IndiaPay”. Are these connected in anyway? They probably are.
The new credit card to be launched by the end of 2009 will be available to the Indian consumer at lower interest rates and risk reduction capabilities. The idea is to increase the use of plastic money among Indians. A similar approach by the Chinese government called “Union Pay” has been successful since it launch in 2002.
If these credit cards are available at lower interest rates, is it possible that banks will also lower their high interest rates to match it? Credit card users in India pay a higher interest rate compared to most countries in the world. This credit card should come as some relief hopefully.
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it is indeed great idea & will help Indians to get rid of vicious circle of High Interst & will also help in devloping good & smart habbits about the money Spending.
RBI will get a huge response for this initiative.A similar credit card launched in China & welcomed by one & all there.
Banks issue credit cards even though customer has not asked for it. Once customer receives it via post, it means they have accepted the card. If you call customercare, still bank wont cancel the card. Now, customer doesnt use card, thinking he wont be billed. After 1 year, even if card has not been used, bank sends annual card fees bill. Then, if customer refuses to pay, they keep adding interest. Unknown to customer, the customers dues keep growing, but the banks dont inform customer. Ultimately, one day they come to doorstep with goons to collect money. You have to pay huge sum plus interest, even if you have not used the card. Also, customer’s credit rating gets a black mark. Customers are helpless.