Customers with multiple credit cards will not be allowed to use any of them if they default on any one of them. Credit card companies have revised their terms and condition to implement this. This move has been initiated by ICICI Bank, which has already informed its customers about the upcoming change from 5th October 2009.Now the bank is authorized to block credit card on any other account of ICICI Bank after one defaults in any one of its multiple cards. Banks would not provide any additional notice for this action. Continue reading Indian Banks decide to block all your credit cards if you default on one!
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ICICI Bank needs to raise $1bn for FY2010 liabilities: Chanda Kochhar
ICICI Bank needs to raise $1 billion to meet the liabilities at the bank’s global operations due this year, said new CEO Chanda Kochhar. Out of the total $2 billion due to repay, half of the amount will be met through the assets maturities while the rest could be through deposits. ICICI will fund growth in the overseas businesses through raising retail deposits and avoid sales of bonds and interbank borrowing, said Kochhar.
“The rate of growth of that business is definitely going to be very different; in the past, that business has grown 50-60% for us,”‘ said Kochhar. “In the coming year, the growth rate is going to be very moderated” as Indian companies pare back their plans of overseas expansion as well as acquisition, she said. [source : Asian Cerc]