Due to fears of default rates going up in the wake of high inflation and global financial troubles, banks and card issuers in India are slowing in issuing new credit cards. Industry professionals expect the the annual growth rate in the industry could slip to 20% by the end of FY09 from 35% being recorded over the last few years.

The ongoing credit crisis has prompted banks to take a cautious approach as far as lending is concerned. They are now increasingly looking at tapping the mid and high income group to ensure repayment.

This entry was posted on Wednesday, October 15th, 2008 at 7:02 am and is filed under Banks, News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.