The number of active credit cards in India has dropped by almost 35 percent in the last three years as banks withdrew cards from defaulters and became cautious in issuing new ones, an industry survey revealed. The number of active... (Continue reading)
Transactions worth Rs 7,191.11 crore were carried out using credit cards in the country in June, 2011, translating into a growth of 29.8 per cent over the same month last year. Credit card transactions during June, 2010, amounted to Rs... (Continue reading)
The Reserve Bank of India has asked banks to put in place a system for providing online alerts for all card transactions irrespective of amount. Until now banks had to send online alerts to the cardholders for only ‘Card Not... (Continue reading)
After almost two years of planning, the National Payments Corporation has at last finalised the proposed unique India Card which once commercially launched would be an domestic alternative to the global real-time payment processing firms like Visa and MasterCard .... (Continue reading)
Credit card grievances relating to overcharging and issuance of unsolicited cards accounted for bulk of the complaints received by the banking ombudsman during 2009-10. The banking ombudsman has received 18,810 credit card complaints, which accounted for 24 per cent of... (Continue reading)
The card subsidiary of Life Insurance Corporation LIC of India named LIC cards has set an aim of generating credit card sales worth Rs. 5 lakh in the upcoming financial year. This target, if achieved would lead to half a... (Continue reading)
ABN Amro India has chopped the credit limit of some credit card customers to a tenth and raised the minimum amount payable to 7% oftotal dues from 5%, possibly to persuade them to surrender their cards as it draws closer... (Continue reading)
The popularity of credit cards has taken a severe beating in India over the past couple of years. The base fell by 16.4 per cent, or over 4 million, to 20.64 million in the nine months ending December 2009.In fact,... (Continue reading)
PayPal said a ban on personal transactions to and from India will continue for “at least a few months” while the online payment service tries to resolve a problem with local regulators. The ban, which began Saturday and caught PayPal... (Continue reading)
Around 20.35 lakh credit cards will be flushed out of the system by March-end, according to a study done by Venture Infotek, India’s leading payment solutions provider. It has shown a sharp drop to 226.64 lakh cards by March-end, from... (Continue reading)