• About Us
  • Contact Us
Sunday, February 5, 2023
  • Login
  • Register
B2B Infomedia
No Result
View All Result
  • Home
  • Fintech
    Credit card numbers continue to slip after RBI’s deactivation order

    Digital economy push offers hope for multiple players: Mastercard

    PayU reports over 50% jump in revenue, clocks net profit of Rs 126 crore

    Paytm Payments Bank gets final RBI nod to operate as Bharat Bill Payment Operating Unit

    Indian Bank to hold vostro A/cs of 3 Sri Lankan banks

    Indian Bank expands digital offerings under ‘Project WAVE’ initiative

    India records over 23 billion digital payments worth Rs 38.3 lakh crore in Q3

    Cabinet approves promotional incentives worth Rs 2,600 crore for Rupay debit cards, low value UPI transactions

    RBI response sought on PIL seeking uniform banking code for forex transactions

    Reserve Bank of India puts on hold NUE licensing

    Fresh KYC process can be done through video, says RBI

    Fresh KYC process can be done through video, says RBI

  • BFSI
    SBI says further financing to Adani projects to be evaluated on merit

    SBI says further financing to Adani projects to be evaluated on merit

    Bank of Baroda says reduced exposure to Adani Group in two years, no concern on asset quality

    Bank of Baroda says reduced exposure to Adani Group in two years, no concern on asset quality

    Our loans to Adani Group are secure: JK Bank

    Our loans to Adani Group are secure: JK Bank

    RBI response sought on PIL seeking uniform banking code for forex transactions

    Banking sector remains resilient and stable: RBI

    SBI sees 14%-15% corporate credit growth in FY23

    SBI, BoB say Adani exposure within limits, payments on track

    SBI sees 14%-15% corporate credit growth in FY23

    India’s largest bank SBI has $2.6 billion of loans to Adani Group companies

  • Education
    Increase in SC, ST and OBC students enrolment in higher education institutions: AISHE 2020-21

    Increase in SC, ST and OBC students enrolment in higher education institutions: AISHE 2020-21

    AISHE 2020-21: Enrolment of Muslim students for higher education decreases to 4.6%

    AISHE 2020-21: Enrolment of Muslim students for higher education decreases to 4.6%

    IIM Raipur introduces executive certificate programme for Strategic Chief Marketing officers

    IGNOU launches PG diploma Journalism; course available in three languages

    UPCON and Jadooz to set up edutainment centres called ‘Magic Rooms’ in rural Uttar Pradesh

    School dropout rate declines, gender parity improves: Economic Survey

    Entry of foreign varsities in India will lead to healthy competition: Private Universities’ VCs

    Gender gap in undergraduate programmes widens, gains of last few years lost to pandemic: AISHE Report

    Nearly 50 top institutes without chairpersons; 10 waiting for over 8 years

    Nearly 50 top institutes without chairpersons; 10 waiting for over 8 years

  • Enterprise
    Bank of Baroda says reduced exposure to Adani Group in two years, no concern on asset quality

    Bank of Baroda says reduced exposure to Adani Group in two years, no concern on asset quality

    Our loans to Adani Group are secure: JK Bank

    Our loans to Adani Group are secure: JK Bank

    SBI sees 14%-15% corporate credit growth in FY23

    SBI, BoB say Adani exposure within limits, payments on track

    SBI sees 14%-15% corporate credit growth in FY23

    India’s largest bank SBI has $2.6 billion of loans to Adani Group companies

    Tata Sons looks to shed its ‘Upper Layer NBFC’ tag

    Tata Sons looks to shed its ‘Upper Layer NBFC’ tag

    Most public banks continue to reel under weak assets even as private counterparts thrive

    UP seeing fast increase in new borrowers: Transunion Cibil

  • Technology
    Web Werks – Iron Mountain JV launches its First Greenfield Data Center in Mumbai

    Web Werks – Iron Mountain JV launches its First Greenfield Data Center in Mumbai

    New Course by IITs: BTech in Computational Engineering

    New Course by IITs: BTech in Computational Engineering

    Niti Aayog’s AIM, CBSE, Intel India collaborate to bring change in education sector

    Niti Aayog’s AIM, CBSE, Intel India collaborate to bring change in education sector

    Indian Bank to hold vostro A/cs of 3 Sri Lankan banks

    Indian Bank expands digital offerings under ‘Project WAVE’ initiative

    India records over 23 billion digital payments worth Rs 38.3 lakh crore in Q3

    Cabinet approves promotional incentives worth Rs 2,600 crore for Rupay debit cards, low value UPI transactions

    Amid layoffs, American tech giants recruit less from IITs in 2022-23 placement season

    Amid layoffs, American tech giants recruit less from IITs in 2022-23 placement season

  • Events
    • Upcoming Events
    • Past Events
  • Home
  • Fintech
    Credit card numbers continue to slip after RBI’s deactivation order

    Digital economy push offers hope for multiple players: Mastercard

    PayU reports over 50% jump in revenue, clocks net profit of Rs 126 crore

    Paytm Payments Bank gets final RBI nod to operate as Bharat Bill Payment Operating Unit

    Indian Bank to hold vostro A/cs of 3 Sri Lankan banks

    Indian Bank expands digital offerings under ‘Project WAVE’ initiative

    India records over 23 billion digital payments worth Rs 38.3 lakh crore in Q3

    Cabinet approves promotional incentives worth Rs 2,600 crore for Rupay debit cards, low value UPI transactions

    RBI response sought on PIL seeking uniform banking code for forex transactions

    Reserve Bank of India puts on hold NUE licensing

    Fresh KYC process can be done through video, says RBI

    Fresh KYC process can be done through video, says RBI

  • BFSI
    SBI says further financing to Adani projects to be evaluated on merit

    SBI says further financing to Adani projects to be evaluated on merit

    Bank of Baroda says reduced exposure to Adani Group in two years, no concern on asset quality

    Bank of Baroda says reduced exposure to Adani Group in two years, no concern on asset quality

    Our loans to Adani Group are secure: JK Bank

    Our loans to Adani Group are secure: JK Bank

    RBI response sought on PIL seeking uniform banking code for forex transactions

    Banking sector remains resilient and stable: RBI

    SBI sees 14%-15% corporate credit growth in FY23

    SBI, BoB say Adani exposure within limits, payments on track

    SBI sees 14%-15% corporate credit growth in FY23

    India’s largest bank SBI has $2.6 billion of loans to Adani Group companies

  • Education
    Increase in SC, ST and OBC students enrolment in higher education institutions: AISHE 2020-21

    Increase in SC, ST and OBC students enrolment in higher education institutions: AISHE 2020-21

    AISHE 2020-21: Enrolment of Muslim students for higher education decreases to 4.6%

    AISHE 2020-21: Enrolment of Muslim students for higher education decreases to 4.6%

    IIM Raipur introduces executive certificate programme for Strategic Chief Marketing officers

    IGNOU launches PG diploma Journalism; course available in three languages

    UPCON and Jadooz to set up edutainment centres called ‘Magic Rooms’ in rural Uttar Pradesh

    School dropout rate declines, gender parity improves: Economic Survey

    Entry of foreign varsities in India will lead to healthy competition: Private Universities’ VCs

    Gender gap in undergraduate programmes widens, gains of last few years lost to pandemic: AISHE Report

    Nearly 50 top institutes without chairpersons; 10 waiting for over 8 years

    Nearly 50 top institutes without chairpersons; 10 waiting for over 8 years

  • Enterprise
    Bank of Baroda says reduced exposure to Adani Group in two years, no concern on asset quality

    Bank of Baroda says reduced exposure to Adani Group in two years, no concern on asset quality

    Our loans to Adani Group are secure: JK Bank

    Our loans to Adani Group are secure: JK Bank

    SBI sees 14%-15% corporate credit growth in FY23

    SBI, BoB say Adani exposure within limits, payments on track

    SBI sees 14%-15% corporate credit growth in FY23

    India’s largest bank SBI has $2.6 billion of loans to Adani Group companies

    Tata Sons looks to shed its ‘Upper Layer NBFC’ tag

    Tata Sons looks to shed its ‘Upper Layer NBFC’ tag

    Most public banks continue to reel under weak assets even as private counterparts thrive

    UP seeing fast increase in new borrowers: Transunion Cibil

  • Technology
    Web Werks – Iron Mountain JV launches its First Greenfield Data Center in Mumbai

    Web Werks – Iron Mountain JV launches its First Greenfield Data Center in Mumbai

    New Course by IITs: BTech in Computational Engineering

    New Course by IITs: BTech in Computational Engineering

    Niti Aayog’s AIM, CBSE, Intel India collaborate to bring change in education sector

    Niti Aayog’s AIM, CBSE, Intel India collaborate to bring change in education sector

    Indian Bank to hold vostro A/cs of 3 Sri Lankan banks

    Indian Bank expands digital offerings under ‘Project WAVE’ initiative

    India records over 23 billion digital payments worth Rs 38.3 lakh crore in Q3

    Cabinet approves promotional incentives worth Rs 2,600 crore for Rupay debit cards, low value UPI transactions

    Amid layoffs, American tech giants recruit less from IITs in 2022-23 placement season

    Amid layoffs, American tech giants recruit less from IITs in 2022-23 placement season

  • Events
    • Upcoming Events
    • Past Events
No Result
View All Result
B2B Infomedia
No Result
View All Result
Home BFSI

Credit card numbers continue to slip after RBI’s deactivation order

Private lender HDFC Bank continued to be the worst affected, with total cards in force down by 1.6 million month on month. Bankers say while the total credit card numbers will normalise soon, they are also looking to change the strategy with regard to onboarding customers.

Prashant Dwivedi by Prashant Dwivedi
October 31, 2022
in BFSI, Fintech
A A
0
Credit card numbers continue to slip after RBI’s deactivation order
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

The Reserve Bank of India (RBI) order on discontinuing inactive credit cards continued to negatively impact the industry size, with top-tier lenders such as HDFC Bank, Axis Bank and ICICI Bank seeing a decline in the number of active credit cards.

Private lender HDFC Bank continued to be the worst affected, with total cards in force down by 1.6 million month on month. Bankers say while the total credit card numbers will normalise soon, they are also looking to change the strategy with regard to onboarding customers.

“It’s about the clear intent to use the card,” said Parag Rao, country head – Payments, Consumer Finance, Technology and Digital Banking, HDFC Bank. “It’s also time where fees need to come back because anything you get for free, you don’t use. It’s actually time to get back fees because customers really see true value only when they pay for something.”

Rao added that the overall industry could see a drop of 8-9% in total credit cards in force.

The central bank’s rule states that if a credit card has not been used for more than one year, the process to close the card shall be initiated after intimating the cardholder. If no reply is received from the cardholder within 30 days, the card account shall be closed by the card-issuer, subject to payment of all dues. The RBI rule came into effect in July.

Although the downward trend continued in September, the fall was less steep than in August. Total credit cards fell by 0.3 million in September as compared to 2.3 million in August. While total credit cards were around 80.3 million at the end of July, it dropped to 78 million in August and 77.7 million in September.

On an individual basis, HDFC Bank deactivated around 2.4 million cards during Q2FY23 which were inactive for a certain period and at the same time added 1.2 million new credit cards, taking its card portfolio to around 16.3 million. HDFC Bank is also losing market share in cards outstanding portfolio and has lost around 200 bps in the last year, down from 23% in September 2021 to 21% in September 2022. In September, Axis Bank deactivated 1.1 million credit cards while ICICI Bank closed 0.4 million cards.

“The number of new credit cards added to the overall card portfolio continued to remain negative for the second consecutive month, down by 2.6 million in two months,” said Bunty Chawla, analyst with IDBI Capital.

“We expect the trend to continue for some more time led by players reporting the deactivated cards details.”

0Like
0Dislike
50% LikesVS
50% Dislikes
Source: Economic Times
Tags: axisbanksbfsicredit cardFintechhdfciciciidbirbi
Previous Post

Remove withdrawal restrictions on basic savings bank deposit accounts for digital payments: Report

Next Post

Bima Sugam to be game changer for insurance sector, says IRDAI Chairman Panda

Prashant Dwivedi

Prashant Dwivedi

Related Posts

SBI says further financing to Adani projects to be evaluated on merit
Enterprise

SBI says further financing to Adani projects to be evaluated on merit

February 4, 2023
Bank of Baroda says reduced exposure to Adani Group in two years, no concern on asset quality
BFSI

Bank of Baroda says reduced exposure to Adani Group in two years, no concern on asset quality

February 4, 2023
Our loans to Adani Group are secure: JK Bank
BFSI

Our loans to Adani Group are secure: JK Bank

February 4, 2023
Next Post
Bima Sugam to be game changer for insurance sector, says IRDAI Chairman Panda

Bima Sugam to be game changer for insurance sector, says IRDAI Chairman Panda

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

14th NBFC & FINTECH CONCLAVE & AWARDS 2023
Subscribe to our Newsletter
johnsmith@example.com

Recent News

SBI says further financing to Adani projects to be evaluated on merit

SBI says further financing to Adani projects to be evaluated on merit

February 4, 2023
Bank of Baroda says reduced exposure to Adani Group in two years, no concern on asset quality

Bank of Baroda says reduced exposure to Adani Group in two years, no concern on asset quality

February 4, 2023
Our loans to Adani Group are secure: JK Bank

Our loans to Adani Group are secure: JK Bank

February 4, 2023
RBI response sought on PIL seeking uniform banking code for forex transactions

Banking sector remains resilient and stable: RBI

February 4, 2023
B2B Infomedia

Be To Be Infomedia Pvt. Ltd. represents the inovative platfrom to the clients and widely recognised as one of the ponier networking platfrom with the team of young, creative, dynamic & dedicated professionals.

Quick Links

  • Home
  • About Us
  • Contact Us
  • Privacy Policy
  • Refund Policy
  • Terms and Conditions

All News

  • BFSI
  • Edtech
  • Education
  • Enterprise
  • Financial Inclusion
  • Fintech
  • Pharma
  • Startup
  • Technology
Subscribe to our Newsletter
johnsmith@example.com
  • About Us
  • Contact Us

© 2022 b2binfomedia - Designed & Maintain by hscreativehub.com.

No Result
View All Result
  • Home
  • About Us
  • Upcoming Events
  • Fintech
  • BFSI
  • Education
  • Technology
  • Startup
  • Enterprise
  • Pharma
  • Contact Us
  • Login
  • Sign Up

© 2022 b2binfomedia - Designed & Maintain by hscreativehub.com.

Welcome Back!

Sign In with Google
OR

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Sign Up with Google
OR

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In