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Home > Business > PTI > Report

6.5 lakh credit card defaulters in India!

May 05, 2004 18:56 IST

A "negative list" of 650,000 defaulters has been identified and registered by the India Co-operation Committee comprising MasterCard credit card issuers in the country.

"The negative list, which is an initiative of ICC, has registered 650,000 defaulters and this number is expected to touch 10 lakh (1 million) with more banks joining ICC," MasterCard International South Asia vice president and general manager Nitin Gupta said at the launch of India's first sidecard with HDFC Bank in Mumbai on Wednesday.

The launch of Credit Information Bureau of India Ltd would also benefit the industry, he said.

The MasterCard credit and debit card base in end-2003 stood at 5.48 million and 7.75 million, respectively. They have recorded a growth of 22 per cent and 60 per cent, respectively in the first three months of 2004, he said.

The total spends on credit cards in India was Rs 4,950 crore (Rs 49.50 billion) while it stood at Rs 12,600 crore (Rs 126 billion) on debit cards, Gupta said.

Neeraj Swaroop, country head, retail banking, HDFC Bank, said: "We will also start accessing data on CIBIL as a member bank."

Referring to the sidecards, he said two variants 'Women' and 'Youth' would come in the form of an add-on with a fee of Rs 99 per card.

The launch of Silver and Gold credit cards with MasterCard would also offer better opportunities to the customers.

The current credit card base was over 600,000 and growing at 50,000 per month, he added.

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Read what others have to say:

Number of User Comments: 4

Sub: default

defaulters are wilfully doing this to the bank, but there are 3-4 % credit card users like me who have defaulted due to losing the ...

Posted by shekhar iyyer

Sub: Credit Card Default

Hi, I need small help. I was used CC in 1999 to 2000, with credit limit Rs. 25K. that time my salary was 5500 only. ...

Posted by Sayed

Sub: credit card defaulters

do u people think to do default with bank is right.

Posted by saurabh juneja

Sub: default vs bad debt

Default does not mean any thing specific. In fact the credit card companies are highly dependant on the defaulters to charge the penalties and enhance ...

Posted by C.N.Shankar



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