Credit card companies are incentivizing those willing to pay their dues following the repayment moratorium, while some have increased penalties for errant customers in a move to check defaults. India’s largest credit card company, SBI Card, is encouraging customers to avail of its own repayment plan or the Reserve Bank of India’s (RBI’s) restructuring scheme to repay their dues. Banks have also been cautious in growing their credit card base during the past six months. Business in terms of credit card spending is, however, back to near pre-covid levels for many banks and credit card companies. With the onset of the festive season, credit card companies are expecting a growth in spends of 15-17% compared to 25% last year.

Source: Mint September 17, 2020 00:45 UTC