Credit Card
Effective ways to pay off your credit card debt faster
You need an action plan to reduce and eliminate this debt. Paying off credit card debt requires a hands-on approach, from determining the best repayment strategy to contacting creditors to negotiating interest rates. Text: Centre for Investment Education and Learning (CIEL)
HDFC Bank credit card charges, rules to change from August 1, 2024: Know about new late payment fee, bill payment rules
HDFC Bank announced major revisions to its credit cardholders about terms and charges. The following changes to your HDFC Bank credit card charges will come into effect on August 1, 2024.
Credit Card issuance soars despite worries over unsecured loans
Credit card base in India grew 18% YoY to reach 103 million, with HDFC bank adding the most new cards. However, Kotak Mahindra bank saw a sharp drop amid RBI restrictions. Card spending also grew 17% YoY to reach Rs 1.65 trillion. The credit card industry has seen a continuous decline due to caution about large unsecured loans and asset quality issues.
Citibank credit cards migration to Axis Bank to be completed on July 15; credit cards migrated, new benefits, 9 important FAQs
Citibank credit cards migration to Axis Bank: According to the Axis Bank website, here is a look at the Citibank credit cards that will be migrated, the new terms and conditions, fees and charges, rewards, and other important migration details.
Banks seek clarity from RBI on credit card network norms
Several banks have sought clarity from the Reserve Bank of India (RBI) regarding guidelines that mandate offering existing credit card customers a choice of networks like Rupay, Visa, and MasterCard. As per RBI's guidelines issued in March, card issuers must provide this choice both during initial issuance and at the time of renewals. A senior bank executive informed ET that banks have sought clarification on whether this choice of networks should be extended to all existing customers or only implemented during renewal processes.
New RuPay UPI credit card rules: NeuCoins you will earn from UPI transactions on Tata Neu Infinity HDFC Bank Credit Card from August 1, 2024
Here is a look at changes that will come into effect for the Tata Neu Infinity HDFC Bank Credit Card from August 1, 2024, as per FAQs posted on the bank’s website.
Axis Bank-Citibank credit card migration: 9 Citi cards transferred to Axis Bank; new credit card names, benefits, reward points
Axis Bank-Citibank credit card migration: Citibank credit card holders should note that your card number, CVV, and transaction limits will stay the same after the migration. Your annual fee, spend-based fee waiver limits, and statement date will also remain unchanged. After the migration, you will have a combined credit limit across all your Citi-branded Credit Card(s) and Axis Bank Credit Card(s).
New UPI-enabled Rupay credit card launched by Federal Bank: How to apply, cashbank offers, reward points
Federal Bank RuPay Wave Credit Card enhances your transaction experience with convenience and rewarding opportunities. With this card, you can enjoy cashback and unparalleled rewards on your purchases.
SBI Credit Cards rule change: Reward points not applicable on 22 credit cards for government transactions from July 15
SBI Card announced that accrual of reward points on government related transactions will be discontinued for certain credit cards from July 1, 2024. List of SBI Credit Cards where reward points will not be applicable on government related transactions.
ICICI Bank will not levy these credit card charges from July 1
ICICI Bank credit card charges: These charges will be discontinued from July 1, 2024, according to the ICICI Bank website.Here is a look at the credit card charges that will be discontinued.
4 easy ways to repay a huge credit card bill
Credit cards can be a useful tool for financial management, but overspending can lead to challenging debts. Here are tips to efficiently pay credit card bills.
Best Credit Card: What are the factors to consider while getting one?
There are many factors that influence the applicant who seeks to purchase a credit card. A detailed study would be necessary before applying for a credit card. Consider different factors and choose the best option.
UPI integration gives a fillip to RuPay credit cards distribution
RuPay credit cards are seeing a growth in usage after linking with UPI, with its issuance at 30%, up from a mere 5% in 2022-23. The shift towards UPI-based credit cards on third-party apps like Google Pay and PhonePe poses a challenge for banks, raising concerns about customer retention and cross-selling. Fintech startup Fibe, led by Ashish Goyal, foresees a potential share struggle among top UPI apps.
6 big deadlines, rule changes in July 2024: Credit card rule changes, Paytm wallet, ITR deadline
Money changes in July: With July fast approaching, it's essential to keep track of upcoming money deadlines and rule changes. Here is a look at five money-related changes and deadlines in July.
Credit cards for international airport lounge access of HDFC Bank, Axis Bank, Yes Bank: Complimentary lounge access, other benefits
Top airport lounge credit cards: The credit cards listed below offer considerable number of complimentary visits to international as well as domestic airport lounges, along with other travel and lifestyle benefits
New RuPay credit card on UPI launched: Attractive reward points on online, UPI, offline transactions; lifetime free, other features
IndusInd Bank and Poonawalla Fincorp have launched a co-branded RuPay Platinum Credit card. This card offers reward points on everyday spending on e-commerce websites, including UPI transactions and point-of-sale machine transactions. It has no joining and provides benefits like movie ticket offers and fuel surcharge waivers. All you need to know about IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card.
Adani One launches cobranded credit cards with ICICI Bank, enters financial services
Adani One, the super app by Adani group, launches cobranded credit card with ICICI Bank. The card offers rewards for spends within Adani ecosystem.
Adani Group & ICICI Bank launch co-branded credit cards with airport lined benefits
Adani Group and ICICI Bank have joined hands to introduce co-branded credit cards offering airport-linked benefits, aiming to enhance customer experience across various businesses. The Adani One app, launched in December 2022, serves as a digital platform for booking tickets, accessing airport facilities, and more. The cards provide perks like Adani Reward Points on various spends, premium lounge access, free air tickets, discounts on duty-free shopping, and F&B expenses at airports.
Late payment fees of top credit cards with airport lounge access compared: SBI Card, HDFC Bank, ICICI Bank, HSBC
Late payment of credit cards: Here is what top banks' credit cards with airport lounge access, such as SBI, ICICI Bank, HDFC Bank, and HSBC, are charging as late payment fees.
New credit card rules, changes in May 2024: These 4 banks have revised their credit card rules
Credit card customers should be aware of the changes and make sure to follow the latest fee and guidelines set by the bank or credit card company. The top banks that have revised their credit card rules this month are Bank of Baroda, Yes Bank, IDBI Bank, and HDFC Bank.
Credit card issued without consent? Here is what you can do
Card issuers are restricted from offering unsolicited credit cards and are required to get the customer's prior and explicit authorisation before issuing the card, according to the Reserve Bank of India (RBI) rules.
Credit card bill payment hurdles; startup funding logs slight uptick
Happy Friday! The central bank has mandated credit card bill payments through Bharat Bill Payment System (BBPS), but only eight of 34 banks are live on the network, causing concern among payment companies. This and more in today’s ETtech Morning Dispatch.
Pause on the cards: Fintechs may take a hit as most banks stay away from BBPS
RBI mandates credit card bill payments through BBPS, but only 8 of 34 banks are live on the network, causing concern among payment companies like PCI for an extension.
HDFC Bank Pixel Play Credit Card: How to apply for virtual credit card
HDFC Bank has announced a new digital credit card called Pixel Play Credit Card, which allows you to tailor benefits to your lifestyle and pick shops to earn cashback, as well as choosing card design and billing cycle date. Here are some of the key characteristics of HDFC Bank's Pixel Play Credit Card, as listed on their website.
Swiggy HDFC Bank Credit Card revised cashback structure effective from June 21, 2024
Swiggy HDFC Bank Credit Card: According to news reports, HDFC Bank has updated the cashback system of one of its most popular credit cards, the Swiggy HDFC Bank Credit Card. The new cashback structure is effective June 21, 2024.
New credit card rules: Bank of Baroda hikes interest rates and late payment fees on this credit card
Bank of Baroda credit cards: The hiked rates are applicable from June 26, 2024, as per the Most Important Terms and Conditions pages on the GetOnecard website.
CIBIL score dropped due to bank's fault: Doctor won the legal battle with Rs 2.6 lakh as damages after 7 years, lessons you can learn from this
CIBIL score: A doctor had AMEX credit card issued by a bank with credit limit of Rs 3.25 lakh. However his bank reported him as a defaulter and thus his CIBIL score dropped by a big margin This happened despite the doctor paying the bank by personally handing over a cheque with number 69131. However ICICI Bank, Vadodara branch stepped in to help solve this case.
Risk weighting slows unsecured loan growth
The growth of unsecured credit in India, including personal loans and credit card outstanding, slowed to 18% in April from 23% in November 2023. The Reserve Bank of India's risk weighting on such exposures aims to reduce delinquencies in the banking system.
HDFC Bank debit, credit cards will not be working on these two days: Check details
HDFC Bank has notified customers via email and SMS that all HDFC Bank debit, credit, and prepaid card transactions would be temporarily unavailable during an update period.
Top startup & tech stories this week
Welcome to a brand new edition of ETtech Unwrapped – our weekend newsletter. The week was packed with important stories broken by our reporters. Here’s a recap if you missed them.
B2B fintech startup Vegapay raises $5.5 million from Elevation Capital
Vegapay had raised $1.1 million in its first institutional funding round in 2023 led by Eximius. According to the company, the newly raised fund will be used to enhance Vegapay’s product suite, focusing on product development and regulatory compliance.
HDFC Bank launches virtual credit card: Up to 5% cashback, Rs 500 annual fee; check all features
HDFC Bank has launched a new digital credit card called Pixel Play Credit Card that allows allows you to customize benefits to fit your lifestyle. Here is a look at important features of HDFC Bank’s Pixel Play Credit Card, as per the HDFC Bank website.
Banks seek one more month to comply with international card spend rule
Indian lenders are seeking a one-month extension from the government to comply with the Liberalised Remittance Scheme (LRS) for international credit card spends. The scheme allows Indian residents to remit up to $250,000 abroad in a financial year for permissible purposes such as education, travel, and investment. Last year, the government announced that forex transactions through credit cards would be covered under the scheme and charged 20% tax collected at source (TCS) beyond the threshold of ₹7 lakh per fiscal.
ICICI Bank credit card rules: These services will be free from July 1
ICICI Bank has announced changes to its credit card services beginning July 1, 2024. One change is that the card replacement charge has been increased from Rs 100 to Rs 200 for all cards (excluding the Emerald Private Metal Credit Card).
Top credit cards for international travel with maximum savings, complimentary airport lounge access and more
Before choosing a credit card for international travel, you must check whether the services offered come with global acceptance. For example, if a card offers complimentary hotel memberships, you must ensure that the benefit is applicable globally. Apart from the travel benefits, you must check if the rewards program and other features also align with your spending patterns. The list given below shows credit cards that can help users avail considerable savings on international travel through a low forex mark-up fee, complimentary international airport lounge access, hotel memberships and other benefits. (Source: Paisabazaar. All card information is sourced from the card provider website as of March 11, 2024.)
Trading app Robinhood unveils maiden stock buyback plan of $1 billion
Robinhood Markets launched its first-ever share buyback plan to repurchase $1 billion worth of stocks, signaling maturity and growth beyond its startup phase.
Top travel credit cards with most value-back: Airport lounge access, discounts on airfare, business class vouchers, rewards
Top travel credit cards: Here are some of the top banks' travel credit cards providing significant value-back on travel spends. Some of these cards are co-branded with popular travel portals or airlines while others offer general travel benefits.
UPI boosts RuPay market share; cost pressure for gaming firms
Happy Thursday! The integration of UPI with RuPay credit cards has pushed up new issuances but transaction growth hasn’t kept up. This and more in today's ETtech Morning Dispatch.
Parag Rao explains how HDFC Bank virtual credit card works
Parag Rao, Country Head of Payments Business at HDFC Bank, highlights growth opportunities in the credit card space with the digital ecosystem of HDFC Bank Virtual Credit Card, targeting Gen Z and millennial customers for digital empowerment.
CIBIL or credit score drop can cost you Rs 19 lakh more on a Rs 50 lakh home loan; 4 ways to avoid it
Many social media users are reporting sudden credit score dips. Erroneous transactions, lender misreporting, and late credit card or BNPL payments, over-utilisation of credit limits are some culprits. If you have a poor credit score or CIBIL score, you'll have pay to a few lakhs extra for any big-ticket loan such as a home loan. It pays to be aware of why credit scores drop suddenly and how it can impact your life. ET Wealth Online speaks to various experts to decode how to maintain a healthy credit score or CIBIL score.
New PoS deployment grows at slowest pace since demonetisation: RBI data
Industry insiders told us that while new PoS terminals are still being deployed, it’s mostly in organised and large format retail, which offer all payment forms. However, grocery shops, smaller stores and eateries are tilting towards QR code-based UPI transactions.
Travel credit cards: 5 smart things to know
A travel credit card is specifically designed to provide benefits that are related to travel expenses.
Virtual RuPay credit card on UPI launched: Earn 8 reward points on every UPI payment of Rs 200; know features, other key details
YES Bank has partnered with ANQ, a Bengaluru-based financial service provider to unveil two unique co-branded credit cards — YES Bank ANQ Pi credit card and YES Bank ANQ Phi credit card. What are the features of these two new credit cards? Find out here? Find out here.
Mother's Day gift: Can credit card be a good gift to your mother especially when she is not earning?
Mother's day: This mother's day give her the gift of financial freedom by by taking out a credit card and giving to her. A credit card will be useful for her in many situations like in case of emergencies, household shopping, etc. A credit card will also help a non-working mother by giving her better autonomy.
InsuranceDekho in talks to acquire credit marketplace BankSathi: sources
Insurance marketplace InsuranceDekho, backed by investors like TVS Capital and Goldman Sachs Asset Management, will acquire a majority stake in BankSathi, which is a distributor of credit cards and personal loans, two people in the know said.
Rewards credit cards with most value-back potential: SBI Card, HDFC Bank, Axis Bank, IDFC First Bank, American Express
Listed below are the best rewards credit cards in India, chosen basis their reward earning rate, redemption value and overall value-back potential across multiple spending categories.
HDFC Bank says 6-7 pc of overall annual expenses are on tech
It can be noted that HDFC Bank was the first major lender to be slapped with business restrictions like a pause on issuing new credit cards and also launching new online products over two years ago.
Credit card on UPI: Who is eligible, which apps allow it, daily limit and more
If you have a RuPay credit card, you can link it to any of the applications and use it to pay through the Unified Payments Interface (UPI). In short, now you can make transactions through UPI using a RuPay credit card.
Kotak Bank's credit profile to improve over next 12 months: S&P
Despite the Reserve Bank of India's (RBI) restriction on onboarding new customers online and issuing fresh credit cards, Kotak Mahindra Bank is expected to improve its credit and funding profile over the next 12 months, according to S&P Global Ratings analyst Nikita Anand. Although the restrictions may impact the bank's growth and profitability, particularly in its high-yielding credit card segment, the bank has made significant technological advancements, including hiring a Chief Technology Officer.
US economic growth last quarter is revised down from 1.6% rate to 1.3%, but consumers kept spending
The US economy grew less than initially estimated in the first quarter of this year, the government reported Thursday, due to weaker consumer spending. Overall, GDP growth in the first quarter was supported by consumer spending, business investment and government spending.
Online credit card spends rise 20% YoY in March to a record high of Rs 1 lakh crore
In March, online credit card spending surged past Rs 1 lakh crore for the first time, hitting Rs 1,04,081 crore, marking a 20% rise from March 2023 and a 10% increase from February 2024. This reflected a growing trend of using cards for smaller purchases. HDFC Bank led the market share at 20.2%, followed by SBI, ICICI Bank, Axis Bank, and Kotak Mahindra Bank.
A new weapon against online payment frauds: Timely alerts on transactions via UPI, debit card, credit card, Net and mobile banking
Fraud transactions: Banks like Standard Chartered Bank, HDFC Bank, ICICI Bank, and others have implemented a fraud protection measure wherein the bank will call you for transaction confirmation if it feels that these transactions are fraudulent. However if you give the confirmation, the transaction will go through. Know here how it works.
Adani Group wants a slice of India's payments and e-commerce pie: Report
India's Adani Group is seeking a licence to operate on the public digital payments network and is in talks with banks for a co-branded credit card. The conglomerate also plans to offer online shopping via the govt-backed Open Network for Digital Commerce (ONDC), according to the Financial Times.
Are loans against MF investments better than credit card or personal loans? Shweta Jain answers
Shweta Jain advises against impulsive borrowing, recommends loan alternatives to credit cards, and stresses timely repayment. Mutual fund loans offer lower rates, varied tenure, with caution needed on charges and provider selection, regardless of age. Against equity mutual funds, one could get 40-50% of the value. In the case of debt MFs, one can get 80-90% of the value.
How to use multiple credit cards efficiently for longer interest-free period, better discounts, and higher credit score
How to use multiple credit cards efficiently in India: Using multiple credit cards strategically can maximise benefits and improve your credit score. By using cards with different billing cycles, you can extend the interest-free period on your credit cards. Aligning your spending with cards offering specific rewards programs can help you save on groceries, online shopping, travel, or utilities. Here's how to effectively manage multiple credit cards.
RuPay debit, credit card: This RuPay card will get you up to Rs 3,000 cashback in every transaction in these countries
RuPay-JCB debit and credit card customers can now get a 25% cashback on in-store purchases in eight countries. This is a limited-period offer. When can you avail of this offer? On which transactions this cashback offer will be available? Who will be eligible for this cashback? All your questions are answered.
Airport lounge access through cards getting tougher: Factors you must know to avoid last-minute shock
Airport lounge access: Airport lounges are a very popular feature among travellers in India. However due to rush of passengers in airport lounges, overcrowding issues came up, and to tackle this issue and make lounges accessible to all, certain measures were taken. These measures are aimed at fair usage for all and to provide a good experience to travellers.
HDFC Bank net banking, mobile banking, UPI will be down during this time
HDFC Bank has informed its customers that net banking, mobile banking will not be working on May 25 for a certain period of time. HDFC Bank customers were informed about scheduled maintenance work being done due to which below services would have been impacted
Maldives to launch India's RuPay service amid bilateral tensions
Despite recent turbulence in bilateral relations, the Maldives is set to launch India's RuPay service, a move expected to strengthen the Maldivian Rufiyaa. Minister of Economic Development and Trade Mohamed Saeed highlighted the significance of the upcoming launch, emphasizing the administration's priority to address currency issues and reinforce the MVR. While no specific date has been announced for the launch, discussions are underway with India to facilitate payments in rupees within the Maldivian territory.
Credit cards with all-round benefits can help maximise savings: Top cards of HDFC Bank, Axis Bank, SBI Card, IDFC FIRST Bank
Top all-round credit cards: By choosing an all-round credit card, users can enjoy various benefits and maximize their savings on a range of purchases. Here is a look at credit cards with the best all-round benefits chosen basis the overall value offered by a card across multiple categories like shopping, dining, travel, movies and more.
6 ways to generate or change SBI credit card PIN
There are many ways to generate or change transaction PIN for your SBI credit card by using either SBI Website, Mobile Application, Chatbot ILA or IVR. Below are some ways to generate transaction PIN, according to the SBI Card website. Here are 6 ways to generate or change SBI transaction PIN
12 most important credit card terms you should know
Credit cards: Words like billing cycle, annual fee, credit score, grace period, and EMI are important for managing your credit card wisely. Here are 12 important credit card terms you should know.
Credit card rule change: Utility bill payments made with YES Bank and IDFC First Bank credit cards to get costlier from May 1, 2024
Yes Bank and IDFC FIRST Bank credit card customers will have to pay a higher amount as fees for paying utility bills. Here is a look at the changed fee structure effective from May 1, 2024.
Frequent flyers of Vistara to get better airport lounge access, increased rewards and more after merger with Air India's programme
Better airport lounge access: All Vistara travellers who have atleast gold tier in Club Vistara program stands to gain due to the merger between Vistara and Air India's Flying Return program. Some of the benefits include better airport lounge access, more routes to redeem rewards and others. However there is also a con in regard to burning of reward points.
Step into a world of delightful global experiences with HSBC Credit Cards
HSBC Credit Card range caters to luxury and cashback preferences. The Premier Metal Card offers airmiles redemption and dining perks, while the Cashback Card provides accelerated cashback and contactless payments, enhancing the affluent traveler's experience.
ICICI Bank app glitch leaks credit card details: Is your ICICI Bank credit card safe? What bank says
On April 24, several ICICI Bank credit card customers complained on social media that they could view other customers' credit cards on their iMobile Pay app.
RBI action on Kotak Mahindra Bank may restrain credit growth, profitability: S&P
S&P Global Ratings warned that RBI's recent regulatory action on Kotak Mahindra Bank could limit the bank's credit growth and profitability. The RBI prohibited Kotak Mahindra Bank from issuing new credit cards and onboarding customers online, impacting a key growth segment. S&P noted the bank may need to rely more on physical branch expansion, increasing operating costs. However, the impact on the bank's credit rating is expected to be minimal, as credit cards constitute a small portion of its total loans. S&P anticipates that Kotak Mahindra Bank may need around a year to address the RBI's concerns related to system stability and disaster recovery.
RuPay credit cards of HDFC Bank, Axis Bank, IDFC FIRST Bank, SBI Card: Cashback, annual fee, discounts
The RuPay credit card was launched in 2017 and these enable secured payments for purchasing goods and services at merchant locations in India as well as abroad. Given below are the top credit cards available on the Rupay network chosen basis the overall value back they offer in their respective spending category.
RBI action against Kotak Mahindra Bank: Is your Kotak 811 account safe? Can Kotak customers renew cards? 8 key queries answered
Kotak Mahindra Bank customers: The Reserve Bank of India (RBI) barred Kotak Mahindra Bank from onboarding new customers through online and mobile banking channels. The regulator also put restrictions on the private sector bank on issuing new credit cards. Should the customers of Kotak 811 worry about their accounts? Can Kotak Mahindra Bank customers renew their credit cards now? ET Wealth Online explains.
SBI Card MILES credit cards with three variants launched: 7 must-know features like annual fees, airport lounge access, rewards, miles
SBI Card MILES credit cards: SBI Card has launched three variants of its first travel-focused core credit card, ‘SBI Card MILES’ with curated travel benefits. The three variants, SBI Card MILES ELITE, SBI Card MILES PRIME, and SBI Card MILES.
Top banks' co-branded credit cards: Cashback offers, fuel surcharge waiver, discounts, freebies, annual fee
Top co-branded credit cards: Banks and other credit card issuers offer credit cards in collaboration with popular brands across different segments. Let us look at the top banks' co-branded credit cards across different spending categories such as shopping, dining, travel, movies, fuel and more.
Safe credit card transactions: 7 safety measures to help you shop safely with your credit card
Every day, there are more and more instances of phishing, in which con artists pose as customer support representatives in order to steal financial information. Numerous people have fallen victim to deceitful websites that attempt to steal their credit card information. This information is either utilised for a string of high-value unauthorised transactions or sold to other parties by criminals. Another frequent fraud tactic that one has to be aware of is skimming. Here are seven tips that will help you shop safely with your Credit Card, according to the HDFC Bank website.
3 new RuPay credit card rules: NPCI's new features for RuPay credit card
The National Payments Corporation of India (NPCI) has announced new features for the RuPay Credit Card include EMI facility on the linked credit accounts on UPI app, Credit Account Bill Payment, Instalment Payment and limit management. The NPCI has asked issuing entities like banks and card issuers to enable these features by May 31, 2024.
Credit card rule change: How will refund or failed transaction be adjusted against your credit card bill? Know RBI's new rule
Credit card rule change: The Reserve Bank of India (RBI) amended the "Master Direction - Credit Card and Debit Card – Issuance and Conduct Directions, 2022" on March 07, 2024. What has changed regarding credit card refunds and credit card bill payments? ET Wealth Online breaks it down for credit card users.
Paying gas, electricity, and other utility bills using YES Bank credit card to get costlier from May 1, 2024
YES Bank has revised certain features available on all its credit cards except its premium card variant-private. Further experts say that YES Bank is the first bank in India to impose a 1% extra charge on all utility bill payments via credit cards. A utility bill payment can comprise of paying bills for gas, water, electricity, etc.
3 new Rupay credit card rules: Now apply for EMIs, pay credit card bill, increase limit via UPI app; check details
Rupay credit card rules: The new features announced include EMI facility on the linked credit accounts on UPI app, Credit Account Bill Pavment, Instalment Payment and limit management. The NPCI has asked issuing entities like banks and card issuers to enable these features by May 31, 2024.
Unity Small Finance Bank Q4 Results: PAT at Rs 143 crore; NII rises 55% YoY
The bank, promoted by Centrum Financial Services, said its net interest margin was at 10.8%. Its operating profit soared nearly four-fold at Rs 147 crore against Rs 37 crore in the year-ago quarter.
What are Gen Z’s top 3 rules for investing & what are the red flags? Pranjal Kamra explains
Pranjal Kamra warns against accumulating personal loans and credit cards, emphasizing the importance of understanding asset classes, maintaining risk control, and being debt-free to avoid financial pitfalls. Kamra also says that for a beginner, it is virtually impossible to make money in categories like crypto and F&O. Either they border on gambling or they are such complex investment instruments by nature that it is not designed for a retail investor
Axis Bank credit card holders notice fraud transactions: How to block Axis Bank credit card, get money back
Axis Bank credit cards: Many Axis Bank credit card customers have taken to social media to complain about fraudulent activities they have noticed. Here is how to block your Axis Bank credit card, and file a complaint.
Credit card payment rule change: Can you change credit card billing cycle, due date multiple times now? What RBI says
Credit card billing new rule: The Reserve Bank of India (RBI) has tweaked its guidelines for credit cards to allow for more flexibility to the customers. This means more control over your billing cycle, the period between your credit card statements. It is important to set your billing cycle in a way that you can pay your credit card bill without any difficulty. Can you choose or change your credit card billing cycle and due date? Know what RBI latest guidelines say
5 money changes in May 2024: Revision in saving account charges, credit card rules, special FD deadlines
HDFC Bank has extended the deadline to invest in its senior citizens-only special fixed deposit plan. This special Senior Citizen Care FD, which was established in May 2020, offers greater interest rate advantages to older persons. The deadline to invest in the Senior Citizen Care FD plan has been extended until May 10, 2024.
View: The Indian banks' tech you love is a banana peel for RBI battling potential scams
The Indian financial system, recovering from a history of bad loans, faces new challenges as banks grapple with technology pitfalls. Kotak Mahindra Bank Ltd. was recently penalised for security deficiencies, highlighting broader risks of fraud and system vulnerabilities in the digital age. Regulatory scrutiny intensifies amid concerns about financial stability and cybersecurity in the evolving landscape of digitisation.
Axis Bank Credit Card major changes announced: Reward point earnings, lounge access, annual fee waiver rules changed for this credit card
New Axis Bank credit card rules: Let us take a look at the changes that will be made to the Axis Bank Magnus Credit Card.
Epidemic of digital scams: How to protect yourself and elderly family members from frauds
The obvious choke point is the banking system. Digital fraud, by its very nature, has to route the loot through digital transfers between bank accounts. This is what enables this type of crime. If dealt with properly, this is also its weak link. While there is some news about banks’ proposal to link with MHA’s cybercrime system, a lot more needs to be done.
Kotak Bank reveals how Indian banks fail to keep up with Modi's ambitions
Kotak Mahindra Bank Credit Card & Mobile Banking Curbs: Prime Minister Narendra Modi aims to export India's digital payments system worldwide, but faces obstacles as Indian banks struggle with outdated technology. Despite massive investments in tech to boost financial inclusion, banks are grappling with system glitches and cyber threats. The government urges modernization to safeguard the financial system and customer data.
Upside capped for Kotak Bank stock in near term, but downside's limited, too
"The digital acquisition of customers will be adversely impacted but the reputational impact is surprising since Kotak is considered to be a conservative bank with good processes and systems in place," said Kaitav Shah, banking analyst, Anand Rathi Brokerage.
Top credit cards for international travel: Interest-free cash withdrawal, complimentary airport lounge access
Top credit cards for international travel: The list given below shows credit cards that can help users avail considerable savings on international travel through a low forex mark-up fee, complimentary international airport lounge access, hotel memberships and other benefits.
Operations continue uninterrupted: Kotak Mahindra Bank CEO Ashok Vaswani writes to customers amid RBI action
Kotak Mahindra Bank has reassured customers that all operations are continuing, despite the Reserve Bank of India (RBI) halting new customer sign-ups due to IT system failure. The bank's CEO, Ashok Vaswani, stated that customers can continue accessing existing banking services, but the issuance of new credit cards has been temporarily halted. Kotak Mahindra Bank is in constant communication with the regulator to resolve any issues.
Credit card rules to NPS: 6 important money-related changes that will come into effect in April 2024
Money changes in April 2024: Let us look at six important financial changes that will come into effect in April 2024.
Kotak crackdown: The 'Regulatory Bank of India' is taking no chances
Kotak Mahindra Bank: The Reserve Bank of India (RBI) is cracking down on regulatory compliance in the banking industry, issuing strict penalties for non-compliance. Recent actions, including barring Kotak Mahindra Bank from new customer sign-ups, highlight the RBI's serious approach to enforcing regulations. The central bank's tougher stance aims to improve governance and transparency in the financial sector, despite potential impacts on growth and capital costs. The RBI's increased vigilance follows high-profile banking collapses and aims to prevent systemic risks while promoting a more robust and transparent financial system.
Kotak Mahindra Bank faces RBI curbs: Will you be affected? Is your money safe?
The RBI on Wednesday prohibited Kotak Mahindra Bank from accepting new clients through its online and mobile banking channels and from issuing new credit cards with immediate effect, stepping up its crackdown on persistent noncompliance with IT regulations. The regulator found "serious deficiencies" in the lender's IT risk management. These actions, the RBI said, are necessitated based on significant concerns arising out of Reserve Bank's IT examination of the bank for the years 2022 and 2023 and the continued failure on part of the bank to address these concerns in a comprehensive and timely manner.
Kotak Mahindra Bank is the latest student in RBI's classroom
The Reserve Bank of India's increased scrutiny on Kotak Mahindra Bank has resulted in a temporary halt on acquiring new customers through online and mobile banking channels and issuing fresh credit cards, causing a significant drop in the stock price of the private sector lender. However, the RBI has been taking incremental actions on financial institutions in recent years. Check the list.
RBI asks Kotak Mahindra Bank to stop issuance of new credit cards, onboarding new customers online: Here’s why
The central bank has asked Kotak to stop onboarding of new customers through online and mobile banking along with the issuance of new credit cards. This comes after RBI found "serious deficiencies and non-compliances" in certain areas of its operations. Here's what it means...RBI asks Kotak Mahindra Bank to stop issuance of new credit cards, onboarding new customers online: Here’s why
Kotak Bank to face timewise derating; may underperform for 12-18 months: Digant Haria
Digant Haria of GreenEdge Wealth discusses impact of RBI diktat on Kotak Bank, foreseeing continued underperformance and a potential shift in the banking sector towards PSU banks. Haria says: "I do not think Kotak will be the last bank to face these actions. This action can come on more banks and NBFCs in the coming months. I do not think this is the end of the regulator being not so gentle on them."
RBI bars Kotak Bank from adding customers digitally
The Reserve Bank of India (RBI) has imposed strict restrictions on Kotak Mahindra Bank, a third-most valued private bank in India, for failing to fix its IT systems over the past two years. The bank was asked to stop functions cited "with immediate effect" and assured customers that there would be no interruption to services. Kotak Mahindra Bank has taken measures to strengthen its IT systems and will continue to work with the RBI to resolve balance issues at the earliest.
Kotak Mahindra Bank penalised by RBI: What happened on April 15, 2024, that was the final straw?
The Reserve Bank of India (RBI) has imposed restrictions on Kotak Mahindra Bank's digital onboarding and credit card issuance. This action follows concerns identified by the RBI regarding the bank's IT infrastructure and information security practices. RBI mentions, "...the bank’s Core Banking System (CBS) and its online and digital banking channels have suffered frequent and significant outages in the last two years, the recent one being a service disruption on April 15, 2024." What happened on April 15? Know all the details.
