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Context is everything.
Detailed stories on technology startups, business and economic current affairs.
Detailed stories on technology startups, business and economic current affairs.
A spree of unauthorized international transactions add to the woes of credit card customers impacted by the withdrawal of promised benefits. Will the private lender contain the fallout?
Axis Bank’s credit card customers just can’t seem to catch a break.
Through Tuesday and Wednesday, scores of them reported unauthorized international transactions on their credit cards. Many ended up losing money. Some, alarmed by the developments, went to the extent of cancelling their cards and, in the process, forfeiting their membership fees and reward points accrued over many months.
Take the case of S, whose card was swiped for a transaction worth Rs 6,500 on Monday by an unknown merchant registered on Uber Eats Canada. S says that on reaching out to the bank, his old card was blocked …
Lenders stand to gain a lot more than borrowers in the current challenging market environment
Aggressive expansion, continued dependence on its parent for business, and an adverse shift in the product mix weigh on profitability as well as investor sentiment.
The central bank’s shift to a 100% collateral requirement threatens to erode leverage, reduce volumes and force a consolidation across prop desks.
