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Bank credit to NBFCs dips even as credit card debt continues to grow
Banks reduce credit to NBFCs due to increased risk weightage by RBI. Credit cards outstanding rise by 31% YoY. Bank loans to NBFCs decline to Rs 15 lakh crore in Jan 2024. Consumer durables grow by 14.4%. Housing loans surge by 37%. Personal loan category grows by 28.8%. Education loans increase by 23%. Vehicle loans increase by 16.2%.
A cyberattack may have exposed data of these credit card users
American Express discloses a third party breach impacting credit card holders’ account information. Notification letters have been sent, and customers won’t be held liable for fraudulent charges. Customers can receive fraud and account activity alerts. American Express has over 121 million card holders worldwide, with 1.5 million from India.
Entry-level credit cards with low annual fees from leading banks; know key features, cashback and more
Entry-level credit cards are a good choice for beginners looking to build their credit score. They offer perks like cashback and reward points, and can serve as a starting point for eventually upgrading to cards with tailored benefits. Some top options include the Amazon Pay ICICI Credit Card, SBI SimplyCLICK Credit Card, and Standard Chartered EaseMyTrip Credit Card.