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Monopoly position enables international behemoths Visa and MasterCard to levy exorbitant costs on client banks; a domestic payment system would be considerably cheaper The country’s central bank, the Reserve Bank of India (RBI), is considering putting in place a domestic card payment system...

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CIBIL Location Plus will provide comprehensive information like customer identification details and contact addresses along with the reported dates and all the customer contact numbers to member banks. Credit Information Bureau (India) Ltd (CIBIL) has said that it has launched a new product,...

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Don’t be lulled by the current low rate on home loans State Bank of India (SBI) has announced an attractive housing loan scheme that charges you 8% per annum. While other banks say it’s a gimmick, they have also started announcing offers to match SBI’s scheme. So, the question is: Have we...

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Grand weddings, parental pressure and the availability of easy loans have wrecked several promising young lives. They burnt up lakhs of rupees to make the family look good for a few days, only to face a future of financial trauma and depression. Nutan Lugani, a committed consumer activist,...

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Shalini Amarnani explains how to avoid such a fate Though widely used and immensely convenient, credit cards can become your worst enemies if you are careless. One negative aspect of using credit cards, instead of cash, is that you don’t feel you’re spending real money. The pleasant feelings...

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“Neither a borrower nor a lender be; For loan oft loses both itself and friend, And borrowing dulls the edge of husbandry” Shakespeare wrote this in Hamlet. Luckily for the world, nobody listened; otherwise there would have been no banking services. Globally, the debt market is estimated at around...

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