23 lakh credit cards reduced in August after new RBI notification – न्यूज़लीड India

23 lakh credit cards reduced in August after new RBI notification


Business

oi-Neeraj Kumar Yadav

,

Published: Wednesday, September 28, 2022, 18:54 [IST]

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New Delhi, 28 September. After the recent notification issued by the Reserve Bank of India, there has been a sharp decline in the total number of active credit cards in the country. According to the data, where there were 8 crore credit cards in July, in August their number has gone up to 78 million. That is, the total number of credit cards has decreased by 22.6 lakh in a month. The reason behind the decline in the number of credit cards is believed to be the policy of RBI.

credit card

Actually, the Reserve Bank of India had issued a notification. In this notification, it was said that the cards which are inactive for one year i.e. not in use, they should be closed with immediate effect. After this notification of RBI, banks closed after informing customers. However, 30 days time was also given to the customers by the banks for this. At the same time, the credit card was closed if there was no response after 30 days.

According to media reports, HDFC Bank and Axis Bank saw a significant drop in their net credit cards in August. HDFC Bank’s outstanding credit card count declined by 8.47% to 1.6 crore in August, from around 1.8 crore in the previous month. Meanwhile, Axis Bank’s total credit card count fell from 99.3 lakh in July to 88.7 lakh in August. Which is a drop of 10.6%.

The RBI directive also states that a One Time Password (OTP) should be sent to the card issuer to activate the card. If the card is not activated for more than 30 days from the date of issue, the issuer will immediately discontinue the credit card. No charge will be taken for this.

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english summary

23 lakh credit cards down in August after new RBI notification

Story first published: Wednesday, September 28, 2022, 18:54 [IST]

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