Cautious banks block 1 crore credit cards

by Abhishek Dua in General Discussions

772 1.84k 43.3k

13 years ago

About one crore credit cards have been blocked or withdrawn from the Indian banking system since the global financial crisis of 2008 as lenders become increasingly cautious to protect against potential delinquencies. At the same time, the total number of transactions through debit cards has outpaced the number of credit card swipes, though in value terms credit cards account for larger spend.

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Gulshan Kumar Ajmani

3.48k 21.9k 176.9k

13 years ago

#160252

Credit cards are risky to the customers as well as banks. It is better to popularize debit cards and make them more user friendly. These should be so designed as to make all payments as are now made on credit cards.

G. K. Ajmani Tax consultant
http://gkajmani-mystraythoughts.blogspot.com/

Abhishek Dua

772 1.84k 43.3k

13 years ago

#160263

Credit cards are risky to the customers as well as banks. It is better to popularize debit cards and make them more user friendly. These should be so designed as to make all payments as are now made on credit cards.

Were excess use of credit cards the main reason of 2008 recession?

Gulshan Kumar Ajmani

3.48k 21.9k 176.9k

13 years ago

#160268

Credit cards are risky to the customers as well as banks. It is better to popularize debit cards and make them more user friendly. These should be so designed as to make all payments as are now made on credit cards.

Were excess use of credit cards the main reason of 2008 recession?

Recession and boom are cyclical trend in capitalist system. The system is governed by price mechanism only. So, when the demand is less, the prices are also low. In view of low prices, demand increases and so production and employment. For some time all is okay. Then the optimism leads to over production leading to accumulation of stock and supply far exceeding demand. This is recession phase. Thus boom and recession are two sides of swing.

G. K. Ajmani Tax consultant
http://gkajmani-mystraythoughts.blogspot.com/

Thank you said by: Abhishek Dua

Devyani Sarkar

167 4.81k 33.4k

13 years ago

#160276

This is another news which depicts weak economic system prevailing in India. 1 crore crdeit cards are blocked, is very serious matter.

Abhishek Dua

772 1.84k 43.3k

13 years ago

#160295

Credit cards are risky to the customers as well as banks. It is better to popularize debit cards and make them more user friendly. These should be so designed as to make all payments as are now made on credit cards.

Were excess use of credit cards the main reason of 2008 recession?

Recession and boom are cyclical trend in capitalist system. The system is governed by price mechanism only. So, when the demand is less, the prices are also low. In view of low prices, demand increases and so production and employment. For some time all is okay. Then the optimism leads to over production leading to accumulation of stock and supply far exceeding demand. This is recession phase. Thus boom and recession are two sides of swing.

Thank you for your in depth view on this.

RAM PROSAD ACHARYYA

320 9.77k 72.2k

13 years ago

#160324

Bapre 1 crore crdeit cards are blocked.Its a surprised news.No need to use credit cards.

www.mobileeduhut.blogspot.in

deepak

136 1.79k 13.4k

13 years ago

#160383

credit cards might be risky..but its use is increasing day by day with individuals opening up new accounts and banks opening up new branches.

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