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BENGALURU: From now on, card issuers cannot share card data including transaction data of the cardholders with the outsourcing partners without explicit consent from the cardholder. The new rules stipulate that in case where the customers give explicit consent for sharing the information provided by them with other agencies, card issuers shall clearly state and explain to the customer the …

Card Issuers

RBI guidelines: The Reserve Bank of India on Wednesday issued new guidelines aimed at providing more options and flexibility for credit card customers. The central bank said card issuers must allow provide an option to their eligible customers to choose from multiple card networks at the time of issue. “On a review, it is observed that some arrangements existing between …

Issuers

The story so far: On July 5, apex banking regulator Reserve Bank of India floated a draft circular seeking comments from stakeholders about mandating that card issuers provide their customers with the choice of multiple card networks. The regulator has also proposed that cards be issued across more than one network, with issuers not enteringinto any arrangement or agreement with …

Credit card devaluation is a phenomenon that occurs when the value and benefits offered by a credit card decrease over time. It happens when credit card issuers implement changes to the card's terms, rewards program, or fees, ultimately resulting in reduced value for cardholders. As a result of credit card devaluation, cardholders may find it harder to maximise the value …

Credit Card Issuers

The Reserve Bank of India has released directions on issuing credit and debit cards, aiming to empower card users and check misconduct of issuers. Non-bank lenders must seek RBI nod before issuing credit cards, and follow strict regulations on sharing data even with their co-branding partners. The regulations empower credit card customers, mandate lenders to take consent of customers on …

Borrowers stare at an uncertain future as banks and non-banking financial companies are yet to come up with policies on restructuring of loans. Mumbai-based Tarun Shetty, 35, for instance, has three personal loans from HDFC Bank, Kotak Mahindra Bank and Clix Capital. Among lenders and card issuers Mint spoke to, only Federal Bank and SBI Cards and Payment Services Ltd …

During the recent sale events from Amazon and Flipkart, customers who have co-branded cards from the e-commerce companies got the usual 5% discount. Credit card issuers prefer such tie-ups as customers are likely to use co-branded cards often due to loyalty. Yatra has a co-branded card with SBI Cards and Payment Services Ltd and MakeMyTrip offers one in partnership with …

How issuers are using tech to improve customers’ credit card experience

As courier services were disrupted during the lockdown, private lender RBL Bank was unable to deliver credit cards to customers who got an approval. “They could at least start using the card online until their physical card arrives,” said Sankarson Banerjee, chief information officer at RBL Bank. While digital KYC resolved the problem of customer acquisition, card issuers still had …