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Our Bureau

Mumbai , June 1

ON account of high delinquency in its credit card portfolio, Standard Chartered Bank has almost tripled its bad debt provisioning to $ 59 million or Rs 265.5 crore as on December 2003, up from $ 21 million or Rs 94.5 crore in the previous year.

Despite the bad experience on the credit card front, said Mr Christopher Low, CEO, Standard Chartered Bank, India Region, "We have expansive plans to be number one in the credit card market. Currently, we have the highest total outstanding in the market.''

The largest credit card issuer in the country is currently ICICI Bank with over 20 lakh cards in force.

The increased debt charge in 2003 for Standard Chartered Bank was largely due to the increased provisions on credit cards issued in 2001.

As on December the bank, which has completed ten years in the cards business, had 15 lakh credit cards in force and a total outstanding debt of Rs 1,500 crore.

The global Chairman of the group, Mr Bryan K Sanderson, was in town today to launch the group's `Believing in Life' community partnership programme through which the bank donated Rs 25 lakh to ICARE Charitable Hospital, Noida. T

he bank is working in India with two broad goals of eyesight restorations and creating HIV awareness.

More Stories on : Credit Cards & Debit Cards | Non-Performing Assets | Foreign Banks

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