The company will also launch three or four more NCD issues this fiscal, each in the Rs 300-400 crore range, George A. Muthoot said.
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The likelihood of non-banking financial companies (NBFCs) entering the credit card market will not lead to an incremental business disruption at Axis Bank, says Sanjeev Moghe, president and head, cards and payments at Axis Bank
In many ways, mothers lay the foundation for the way we manage our finances as adults. And those lessons are priceless
The plan comes on the heels of RBI’s directive that NBFCs can offer credit cards if they receive regulatory permission and have a certificate of registration.
Credit cards and instalment-based credit schemes such as Buy-now, Pay-later are the most commonly used credit products by the underserved consumers
Don’t get into hacks like revolving credit card usage, and maintaining multiple cards, to get longer interest-free periods that many influencers promote these days.
Axis Bank issued around 1.1 million credit cards in January-March, taking total card issuances in financial year 2022 to 2.7 million.
The domestic travel credit cards offer airport or railway lounge access, discounts on travel-related purchases, and rewards or air miles that can be redeemed against flight and hotel bookings
The change will mean that NBFCs can now earn interest income on their credit cards as the credit would be from their own balance sheet
RBI's directions on credit cards say that registered NBFCs cannot issue credit cards or similar products without the regulator's approval.
The RBI (Credit Card and Debit Card - Issuance and Conduct) Directions, 2022 shall apply to all Scheduled Banks (except Payments Banks, State Co-operative Banks, and District Central Cooperative Banks) as well as all Non-Banking Financial Companies (NBFCs) operating in India.
Selecting between the two options depends on the repayment ability of the individual, the existing burden of any EMIs and future expenses.
Banks charge foreign exchange markup fee when you are making a payment in a foreign currency. So spend wisely while travelling abroad
Credit card spends have survived the rapid expansion of the Unified Payments Interface, which continues to eat into the payments pie. But with BNPL posing a fresh challenge, issuers face a challenge in widening credit card usage.
Apart from improvement in the CASA ratio, net interest margin, and credit card market share, the deal would also give Axis Bank access to the premium set of high spending customers.
Millennials have overwhelmingly voted with their feet for new payment systems like digital/mobile wallets and mobile-based instant payments
HDFC Bank’s group head of payments Parag Rao is optimistic about the recovery in the credit card business after the RBI lifted the ban on the bank.
Analysts have kept the faith and most still highlight HDFC Bank's comparatively pristine asset quality as a key strong point
Co-branded credit cards are useful for individuals who make frequent transactions with partner brands, as they can get extra cashback, accelerated reward points or discounts
During the period from 2019-20 to 2020-21, there was a decline of 13.01 per cent in complaints related to ATM/debit cards, while there was an increase of 12.01 percent and 52.99 percent in complaints regarding mobile/electronic banking and credit cards respectively, MoS for Finance Bhagwat Karad said in a written reply in the Lok Sabha.
Benefits are available for shopping, dining and traveling, among other activities. Annual charges are between Rs 499 and Rs 4,999
When you swipe your card at the local kirana or make an online card transaction, you may have wondered if the cost of the product or service contains additional charges because of the chain of players involved in the payment process. Does the bank, or the card company, or the payment gateway earn from these transactions? Do you pay these costs directly or do merchants take a cut from their earnings on each transaction? How do payments get executed? A lot of pieces come together like clockwork to ensure that your money securely travels from your bank to another. We explain where all your money makes pit stops and how payments players earn en route.
The Reserve Bank of India’s (RBI) financial stability report (FSR) shows that public sector banks saw delinquencies in their credit card portfolio surge to double digits by March 2021.