Financial Daily from THE HINDU group of publications
Thursday, May 06, 2004
Financial Daily from THE HINDU group of publications Thursday, May 06, 2004 |
||
|
|
||
|
Money & Banking
-
Credit Cards & Debit Cards `Negative list' for credit card defaulters Our Bureau
Mr Nitin Gupta, Vice-President & General Manager, South Asia, Master Card International, with Mr Neeraj Swaroop, Country Head, Retail Banking HDFC Bank, launching the HDFC Bank Side Card in Mumbai. — Paul Noronha
Mumbai , May 5 A "NEGATIVE list" of 6.5 lakh credit card defaulters has been identified by the India Co-operation Committee (ICC) spearheaded by MasterCard. "The negative list, an arrangement between major credit card issuing banks under the aegis of ICC, is expected to contain 10 lakh defaulters as more banks join ICC," said Mr Nitin Gupta, Vice President & General Manager, MasterCard International South Asia at the launch of India's first SideCard with HDFC Bank here today. The launch of Credit Information Bureau of India Ltd (CIBIL) would also benefit the industry, he said. Mastercard which partners with banks to issue credit and debit cards issued a total of 54.8 lakh credit cards and 77.5 lakh debit cards at the end of 2003. The annual spends through debit cards at Rs 12,600 crore are almost two-and-a-half times that through credit cards at Rs 4,950 crore in India, said Mr Gupta. HDFC Bank today unveiled the SideCard, which has two variants `Women' and `Youth'. These cards are add-on credit cards, which come at a fee of Rs 99 and upward. HDFC Bank's current credit card base consists of six lakh and growing at 50,000 per month, said Mr Neeraj Swaroop, Country Head, Retail, HDFC Bank.
More Stories on : Credit Cards & Debit Cards | Non-Performing Assets
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2004, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|