MUMBAI: Credit card transactions carried out in November, 2011 were worth Rs 7,920 crore, up 14.4 per cent from that in the same month last year, signifying more transactions through electronic means of payment.
Credit card transactions during the April-November period were worth Rs 62,289 crore, up 28.3 per cent from the comparable period of 2010-11.
Debit card transactions rose by 16.3 per cent in November to Rs 4,329 crore.
Transactions by debit card during April-November period were up 39.6 per cent to Rs 34,505 crore.
There were over 25.98 crore debit cards in use as of November 30, 2011, up 22.6 per cent from the year-ago period.
The number of credit cards in circulation has, however, declined by 3 per cent to 1.76 crore as of November 30, 2011, according to the Reserve Bank data.
Experts said the jump in transaction points to greater use of the electronic payments system as people move away from old formats of payment, especially in major urban centres.
In 2010-11, transactions through credit cards in the country went up by 22.15 per cent to touch Rs 75,515 crore in value terms.
In addition, debit card transactions went up by 46.46 per cent last fiscal to Rs 38,691 crore.
John Garcia January - 9 - 2012
Merkel and Sarkozy add Monti for EU alignment to resolve crisis
German Chancellor Angela Merkel, and French President Nicolas Sarkozy travel to Rome on 20 January to meet Italian Prime Minister Mario Monti for talks ahead of the European Union Summit on 30 January.
Including the chief of the Euro Area’s 3rd largest economy is a change in the resolution pattern to forging a common position in bilateral talks.
It appears as a vote of confidence in the unelected Mr. Monti, who has pushed through budget cuts demanded by the EU after the resignation of Silvio Berlusconi.
“Monti’s courage inspires confidence,” Mr. Sarkozy said Saturday in Paris after the 2 met. “France
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John Garcia December - 31 - 2011
Everyone can believe in cookies
WHEN we see other people being given presents, we tend to want one ourselves. Birthdays allow people in most cultures a chance to receive gifts on their own special day once a year. At Christmas, on the other hand, some people who are not given presents may feel left out. It is a tricky issue for religious minorities in predominantly Christian countries.
The Netherlands provides an interesting, though secular, example of how people can respond to others’ luck. In a weekly lottery, about a third of the Dutch population waits for the one-in-430,000 draw of a winning postcode. All ticket-owners in the lucky area get a cash payment of about €10,000 ($13,000) and one of them receives a car as well. It is like a local Christmas: everyone in the postcode knows that some neighbours have won. A r
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admin December - 8 - 2011
When getting pay day loans you are of course looking for a convenient method to fix something that is short term and needs a remedy probably in the same day. Here are a few reasons why pay day loans are good for getting speedy cash in emergency situations:
Competitive rates: There are plenty of companies out there that lead to competition to gain your business. One way loan companies manage to do this is to provide competitive rates to you the customer. Shop around and find the best rate for you; you may be surprised at what you find.
Online: Most pay day loans can be applied for online. This means it can be as simple as filling in the online form and having acceptance easily in your application for fast cash. Read more…
John Garcia December - 7 - 2011
MUMBAI: Standard Chartered has agreed to buy more than half of Barclays’ Indian credit card portfolio at a discount to its book value, two sources with direct knowledge of the matter said on Tuesday.
Standard Chartered will buy 170,000 credit card accounts in India from Barclays, which has about 300,000 customers for its cards business in the country, said the sources, who declined to be named as the information was not public yet.
UK-based Standard Chartered and Barclays declined to comment when reached by Reuters.
Standard Chartered will pay less than half of the book value of the 170,000 Barclays credit cards, which is estimated at 1.8 billion rupees, one of the sources told Reuters, adding that the deal was likely to be announced later this week.
SBI Card, a joint venture between the country’s top lender State Bank of India and GE Capital, and Standard Chartered and were competing to buy Barclays’ India credit cards business, sources had told Reuters in September.
Barclays put its India cards unit up for sale earlier this year as part of a restructuring of its business in the country.
admin November - 19 - 2011
Homeowners everywhere may find that keeping up with a mortgage may be a bit more difficult than they bargained for. Since making house payments can take its toll on many areas of a person’s life, it’s important for one to make paying off mortgages a huge priority to take care of. This is where getting the best rate that you can on a mortgage, will come into play. The beauty of home mortgages is that not only can you get more affordable rates on your home, but you can also try for an amount that will work out great for you and your specific financial needs. But how can you go about getting reasonable rates on your credit, and what will you need to do to get started as soon as possible? There are ways for you to effectively manage mortgages.
In order to get good rates on a mortgage, you will want to consider doing a few different things. Read more…
John Garcia November - 14 - 2011
How big is your balance-sheet?
IN 1861 Shanghai came under attack from the Taiping rebellion, a bloody uprising led by the self-proclaimed younger brother of Jesus Christ. To help pay for their defence, China’s provincial governments borrowed money from foreign investors. As collateral, they offered claims on Shanghai’s customs revenues. Foreigners were happy to accept, because foreigners themselves ran the custom house.
Provincial debt has its uses. Besides saving Shanghai from a divine sibling, it is also a rational way to finance long-lived infrastructure, spreading costs over the same period as the benefits. But since 1994 China’s provincial and municipal governments have been prohibited from borrowing. That
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