Blog - India Credit Cards

A group of foreign banks have challenged a consumer court ruling on credit card interest rates, claiming that they are now free to decide interest rates for credit card users. Earlier a consumer court had restrained banks from charging interest rates in excess of per cent per year. The four banks that challenged this order […]

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Dena Bank has decided to enter into a tie-up with SBI to re-launch its credit card service. Dena Bank first launched its credit card business 10 years ago with little success, and hopes to cash in by leveraging on SBI’s brand power. The new card is expected to carry logos of both the Banks.

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The RBI has set new rules for credit card issuing banks providing relief to credit card users in India. As per the new guidelines RBI has asked banks not to charge excessive interest rates on personal loans or credit cards. It had clarified earlier that “the total cost to the borrower, including interest and all […]

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Credit Card users in India have something to cheer about; the National Consumer Disputes Redressal Commission has ruled that banks charging interest rates in excess of 30% per annum is an unfair trade practice.
Most banks in India charge between 35%-40% depending on your credit history and the offer you have signed up for. In developed […]

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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 […]

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 The RBI today announced that it is working on formulating a plan to develop a mobile payment system. In other words, it means using your mobile as a credit card. The theory behind this thought is that there are 250 million mobile phone subscribers in India and growing rapidly, whereas there are only 10 million […]

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  Credit Card major MasterCard has joined the IPL band wagon by announcing itself as the founding sponsor of the Reliance Mumbai Indians team. MasterCard is celebrating its 25th year in India.
With every major company wanting a piece of the IPL pie, MasterCard surely has its share secured. Mumbai is on MasterCard’s list of top 50 […]

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An RBI report put the total number of banking complaints at 38,638 in 2006-07 up 22% from 2005-06 which was at 31,732. The banking ombudsman’s scheme now also includes credit card complaints which may have lead to the increase in complaints.

Credit card complaints topped the chart with 7688 complaints which is a huge 20% of […]

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I had posted earlier that that LIC with its joint venture partner GE Money would launch its credit card operation by September. However, after various speculations on will they or wont they it looks like they finally will launch their credit card business by the year end.
Just yesterday I posted that SBI who again is […]

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 SBI Credit Cards has posted a loss worth Rs.186.61 crores for the quarter ending Dec 2007. Its non performing assets (NPA) amounted to a record breaking 16.28% the highest in the industry.
SBI and its partner GE Money had entered into a joint venture for the credit card business and issued over 3.5 million credit cards so […]

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