Try GOLD - Free
New credit card issuances plunge 50% in Oct to 7.8L as against 16L a year ago
The New Indian Express Tirunelveli
|December 06, 2024
THE credit card industry saw a sharp 50% year-on-year decline in new card issuances to a meagre 7.8 lakh in October as against 16 lakh cards issued in the same month last year.
In November 2023, the Reserve Bank, fearing a bubble build-up in the unsecured loans segment, which has been growing at three times the other loans for nearly two years, asked credit card issuing banks to set aside 25 percentage points more money as risk capital, taking the total to 150%.
Still, banks continued to aggressively push credit cards and since the second quarter almost all lenders have begun to report higher delinquencies. The worst affected ones are Kotak Mahindra Bank, RBL Bank, and Axis Bank, among others.
This story is from the December 06, 2024 edition of The New Indian Express Tirunelveli.
Subscribe to Magzter GOLD to access thousands of curated premium stories, and 10,000+ magazines and newspapers.
Already a subscriber? Sign In
MORE STORIES FROM The New Indian Express Tirunelveli
The New Indian Express Tirunelveli
Israeli attack kills 1, injures students; hits Hezbollah site
THE Israeli military carried out airstrikes in southern Lebanon on Wednesday on what it said was Hezbollah infrastructure after a drone strike earlier in the day killed one person and wounded several others, including students on a bus.
1 min
November 20, 2025
The New Indian Express Tirunelveli
ED gets 13-day custody of Al Falah group chairman
THE Enforcement Directorate (ED), which is investigating the Al Falah group at the centre of the Delhi blast case for alleged money laundering, has uncovered tainted funds amounting to %415 crore, sources said on
1 min
November 20, 2025
The New Indian Express Tirunelveli
Bumper harvest on cards, food dept to store paddy in unused govt buildings
WITH the agriculture department predicting an increase in paddy cultivation in both delta and non-delta regions, the food department has decided to convert unused government buildings across the state into temporary storage centres.
1 min
November 20, 2025
The New Indian Express Tirunelveli
Karthigai Deepam atop hill: HC impleads ASI, Dargah
JUSTICE G R Swaminathan of the Madurai Bench of the Madras High Court on Wednesday impleaded the dargah authorities and the Archaeological Survey of India (ASI) to present their views on a batch of petitions seeking to light the Karthigai Deepam in stone pillars in Thiruparankundram Hill, before the matter is decided.
1 min
November 20, 2025
The New Indian Express Tirunelveli
Rinku ends TN's bid to qualify for quarters
SORRY SEASON FOR TAMIL NADU
1 mins
November 20, 2025
The New Indian Express Tirunelveli
'Pre-cognizance hearing of accused not must for supplementary complaints in PMLA case'
HOLDING that once the trial court has taken cognizance of the lead-prosecution complaint chargesheet filed in a money laundering case under the Prevention of Money Laundering Act (PMLA), pre-cognizance hearing need not be given to persons accused in supplementary complaints, a division bench of the Madras High Court
1 min
November 20, 2025
The New Indian Express Tirunelveli
Brave cop killed in C’garh Maoist encounter
Struck by Naxals’ bullets, he fought till the end
2 mins
November 20, 2025
The New Indian Express Tirunelveli
Once Naxal hotspot, Bastar now buzzing with sports
SURRENDERED MAOISTS TAKING PART
1 min
November 20, 2025
The New Indian Express Tirunelveli
DMK allies to stage protest against union govt’s ‘discriminatory’ move
LEADERS of DMK’s alliance partners on Wednesday condemned the union government for rejecting metro rail proposals for Coimbatore and Madurai, calling the move discriminatory and detrimental to Tamil Nadu’s development.
1 min
November 20, 2025
The New Indian Express Tirunelveli
NUAPADA MANDATE MARKS A POWER SHIFT FOR MAJHI
WHILE the NDA secured a historic mandate in Bihar, the BJP notched up an emphatic victory in the Nuapada bypoll in Odisha.
1 mins
November 20, 2025
Listen
Translate
Change font size