India’s credit card industry is undergoing a clean-up

Amid a crackdown by the RBI and dubious practices plaguing the industry, major banks are trimming many of their credit card offerings despite their popularity and business potential.

This article is part of a series called Scam Season—a series where The Morning Context documents the unethical, unsafe and fraudulent aspects of tech businesses in India.

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Last week, Axis Bank, one of India’s leading private sector lenders, said it was rolling back several benefits linked to nearly all of its credit cards from 20 April. The announcement prompted a fair bit of outrage.

The changes introduced by the bank are wide-ranging. Several categories of spending—fuel payments, jewelry, insurance—will not be considered for earning reward points, lounge access to customers at major airports has been curtailed, cashbacks and discounts …

Author

Ashwin Manikandan

Ashwin covered fintech and banking at The Morning Context. Previously, he was at The Economic Times, where he worked across the finance, tech and startup verticals, breaking stories related to India’s banking system, startups in the new economy, digital payments, insurance and cryptocurrencies.

Writer

ashwin@mailtmc.com

Delhi