Credit cards transactions
It is heartening to note that transaction through credit cards in our country have gone up up by 22.15 per cent during 2010-11 and it touched Rs 75,515.68 crore in value terms. Credit card transaction during the previous fiscal had amounted to Rs 61,824.15 core, according to latest data of the Reserve Bank.
The number of credit cards in circulation have, however, declined by around 1.5 per cent to 1.80 crore as on March 31, 2011, from 1.83 crore in the same period of the previous fiscal. This decline can be attributed to enforcing of laws by the banks where they insist on a fixed deposit of a particular amount before allowing an individual to have a credit card and this fixed deposit is marked with a lien and thus a person is not able to withdraw this FD till the time he or she is holding the credit card.
Dbit card transactions jumped by 46.46 per cent in the last fiscal to Rs 38,691.88 crore as against Rs 26,418.11 crore in 2009-10. There were 22.78 crore debit cards in use in the country as on March 31, 2011, up over 25 per cent over the figure of 18.19 crore in the year-ago period.
It is good that country is undertaking more online/desk transactions and not to forget that one has to exercise diligence while using the credit card and best practice is to put the credit card on an auto debit note. Just to tell you that online credit card and debit card transactions are absolutely safe as the data which is sent is encrypted and no body has an access to this data during the transaction process. You can report the loss of Credit Cards in India by visiting the link and one will get updated phone numbers for reporting the loss of credit or debit card in India. As a precautionary measure for God’s sake do not write your ATM pin in the cover of the debit card.
