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The Indian <keyword id="22196321" type="General" weightage="20" keywordseo="credit-card-industry" source="keywords">credit card industry</keyword> is struggling to grow, as new issues slow down on a year-on-year (YoY) basis. Not only has the growth i.e. issuance of new credit cards slowed down, but lenders are also becoming increasingly cautious of the asset qualities, a recent report by Nomura showed. From 19% in July 2024, the growth in the <keyword id="6368202" type="General" weightage="20" keywordseo="credit-card" source="Orion">credit card</keyword> spendings came down to 13% in August 2024. The year-to-date (YTD) growth has also significantly declined in FY25, currently standing at 17%, markedly down from 28% in FY24. For the fifth consecutive month, the number of new credit cards added to the system remained well below the 1-million, or 10 lakh mark. Around 9.2 lakh credit cards were added during the month, a slight uptick from the 7.55 lakh cards that came into the system In July 2024. However, there is growth in this space nevertheless, with about 10.55 crore active credit cards at present, marking a 15.6% YoY increase. Even the annualised spend per card, or the average amount spent via an annual card during an year grew 1% YoY to Rs 1.87 lakh. But this was far less than the 7% growth annual spends via one credit card saw in FY24. Meanwhile, what continues to burgeon consistently is the outstanding amount on these credit cards, which ballooned to Rs 2.7 lakh crore in June 2024, up from Rs 2.6 lakh crore in March 2024, and around Rs 2 lakh crore in the year ago period. To put this in perspective, pre-pandemic, the total outstanding amount stood at Rs 87,686 crore, which marks a 24% CAGR in this amount, in just a span of 5 years. <h2>Large drops, slowdown to sustain</h2>Even the monthly expenditure per card dropped 2% YoY to Rs 16,000 in August, 2024. Subsequently, the transaction volume via credit cards also dipped to 1.6% in August, along with the total amount of <keyword id="21084888" type="General" weightage="100" keywordseo="credit-card-spending" source="keywords">credit card spending</keyword>, which fell to Rs 1.69 lakh crore in August, from Rs 1.73 lakh crore in July. Also, there has been a hefty cutdown in provisions made for credit card reward points, which reflects in the quantum of credit card benefits that have been mowed out by companies of late, making credit cards far less lucrative than before. <h2>HDFC takes lead </h2>During August 2024, <keyword id="19895995" type="General" weightage="20" keywordseo="HDFC-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="HDFC Bank" meta.hostid="261" meta.entityid="HDFC Bank">HDFC bank</keyword> added a total of 2.41 lakh credit cards, taking its total tally of active credit cards to 2.19 crore. <keyword id="19900482" type="General" weightage="20" keywordseo="ICICI-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="ICICI Bank" meta.hostid="261" meta.entityid="ICICI Bank">ICICI Bank</keyword> came a second distant, adding 1.45 lakh credit cards during the month, which means that the second-largest credit card issuer now holds over 1.75 crore active credit cards. Axis Bank and SBI Cards also added 1.27 lakh and 1.1 lakh cards, respectively to their repertoire during the month, while the growth numbers at Kotak Mahindra Bank remained largely flat, stagnating the bank's total card tally at 54.13 lakh. This was due to the ongoing ban on the bank due to its weak IT infrastructural issues imposed by RBI in April 2024. If anything, the bank's number of credit cards declined by 61,191 during the month. Even as the festive season approaches, experts think that it is unlikely to make a major dent in credit card spendings, which are expected to see a further slowdown in the quarters to come.

Credit card growth experiencing a slowdown, as borrowers struggle to pay back loans

Amid questions on the depleting <keyword id="20776807" type="General" weightage="100" keywordseo="loan-to-deposit-ratio" source="keywords">loan-to-deposit ratio</keyword> in <keyword id="19895091" type="General" weightage="20" keywordseo="Indian-banks" source="keywords">Indian banks</keyword>, a recent report by <keyword id="19896146" type="General" weightage="20" keywordseo="Motilal-Oswal" source="keywords" meta.keywordsubtype="org" meta.entityname="Motilal Oswal" meta.hostid="269" meta.entityid="Motilal Oswal">Motilal Oswal</keyword> suggests that the loan-to-deposit (LD) ratio is likely to subside on its own in the coming months. The debate on loan-to-deposit ratio (LD), particularly concerning sluggish <keyword id="19998084" type="General" weightage="20" keywordseo="deposit-growth" source="keywords">deposit growth</keyword> and potential risks to <keyword id="20089808" type="General" weightage="20" keywordseo="financial-stability" source="keywords">financial stability</keyword> is raised by even the finance minister and the <keyword id="20151998" type="General" weightage="20" keywordseo="RBI-governor" source="keywords">RBI governor</keyword>. However, the report notes that on closer examination, the situation may not be as alarming as it seems. As of 9th August, 2024 the Indian <keyword id="19964544" type="General" weightage="20" keywordseo="banking-sector" source="keywords">banking sector</keyword>'s loan-to-deposit (LD) ratio stood at 77.2 %, which is slightly below its recent peak of 78.2 % on 22nd March 2024, and its all-time high of 78.8 % in September 2013. The report stated that typically a rising LD ratio is indicative of a tightness in the banking sector, potentially indicating overheating. A lower LD indicates that the bank is aggressive in its credit disbursement practises, which could be risky. It highlighted that an analysis of the sector's transactions with the Reserve Bank of India (RBI) through the liquidity adjustment facility (LAF), along with recent trends in the weighted average call rate (WACR), suggests that the current rise in the LD ratio does not indicate tightness, which is why there is no immediate cause of concern. In fact, the report added that the concern over weak deposit growth may be overstated. Historical data show that bank deposits grew at an average rate of 9.5 % during the pre-COVID period (January 2015 to February 2020) and 10.4 % in the post-COVID period (March 2020 to August 2024). Earlier, Finance Minister Nirmala Sitharaman also urged state-run banks to enhance deposit mobilization through attractive offers and focusing on Tier-2 and Tier-3 cities. Loan-to-deposit ratio pegs the total deposits received by the bank against the loans it has offered. It helps in understanding how liquid the bank is. The loan-to-deposit ratio (LDR) is a financial metric that compares a bank's total loans to its total deposits. It's used to assess a bank's liquidity and credit risk, and to inform lending and deposit-taking decisions The report said while the exact measures are unclear, the deposit growth could potentially be increased by making other asset classes less attractive through taxation or interest rates, or by boosting fiscal spending to increase net credit to the government. In its forecast, the report noted that private banks will witness a moderation in their <keyword id="19998083" type="General" weightage="20" keywordseo="credit-growth" source="keywords">credit growth</keyword>, while public sector banks will maintain a healthy credit growth rate. "Our analysis suggests that deposit growth could be raised by either making other asset classes unattractive (through taxation and/or interest rate) or increasing the growth in net credit to the government by pushing fiscal spending higher" the report added. Alternatively, policymakers might consider curtailing loan growth to lower the LD ratio. However, this could slow deposit growth, particularly if corporate credit growth remains weak. Encouraging savers to shift investments from other assets to bank deposits could also be an option, but this carries risks of overreach and potential damage to economic confidence. Das had also flagged the excessive growth, or froth developing in the personal loan space. Notably, while credit growth in unsecured personal loans like credit cards continues to decline, it remains elevated at 23.3% as of June 2024. However, this is a significant reduction from 34.2% witnessed in November 2023. As fiscal spending increases, bank credit to the government is likely to grow, which should elevate deposits and broad money supply. The report said "However, the extent of foreign capital inflows and the RBI's policy for managing these inflows remain uncertain". Last month, RBI governor Shaktikanta Das had also addressed this issue in the 50th meeting of MPC (Monetary Policy Committee). Per him, deposit mobilisation has been lagging credit growth for some time now. This may potentially expose the system to structural liquidity issues. "While there could be a debate regarding ‘deposits funding loans’ vis-à-vis ‘loans funding deposits’, the current regulatory concern stems from the fact that there could be structural changes happening which banks need to recognise and, accordingly, devise their strategies. Households and consumers who traditionally leaned on banks for parking or investing their savings are increasingly turning to capital markets and other financial intermediaries", Das said. Per him, while bank deposits continue to remain dominant as a percentage of financial assets owned by households, their share has been declining consistently, since households are now increasingly allocating their savings to mutual funds, insurance funds, pension funds and other avenues.

Loan-to-deposit ratio will subside on its own in coming months, notes Motilal Oswal report

Lana Linge has $42,000 in credit-card debt, but it's not the giant tab that has her most frustrated.The 29-year-old says she takes full responsibility for her debt. After getting her first credit card in her early 20s, Linge accumulated small amounts of debt but was always able to pay it off. That changed in 2020: Linge struggled with managing her spending on necessities and other items, like clothes, while in isolation, causing her bills to grow. Things got worse after she lost her job this past October, and she eventually depleted her savings to keep up with the payments on her card."I know for a lot of people, they're in debt because of these freak things that are outside of their control," Linge tells me. "The reason that I'm in debt primarily is from overspending, and I don't try and negate that in any way."Overwhelmed, Linge is going through the painful bankruptcy process to discharge the debt. Looking back, she regrets not paying more attention to the details of her card's interest rate. Wooed by the rewards and perks the companies were offering, Linge signed up for a card with an interest rate she says ballooned to over 20%. The growing interest payments meant that even as she worked to get her spending under control, the bills kept growing.Linge's experience may be on the extreme end of America's personal finance journeys, but she isn't alone in her interest-rate woes. Consumers are always looking for deals, and it's easy to be swayed by credit-card companies offering glitzy rewards and points. As Adam Rust, the director of financial services at the Consumer Federation of America, told me, issuers are "putting the sizzle before the steak." But many of these cards come with high rates and hidden fees, and by the time consumers realize just what they signed up for, credit-card companies have raked in the profits."Credit-card companies can get away with charging high rates of interest because consumers aren't necessarily paying attention and marketing doesn't focus on that," he said.The average credit-card interest rate is now just over 21%, up from about 15% a decade ago. More importantly, the gap between the interest rate that credit-card companies pay banks that oversee their business and the one they charge you is the widest it has been in nearly 30 years. Even with existing regulations and the recent interest-rate cuts from the Federal Reserve, credit-card companies have the power to exploit consumers, and people with growing debt piles have few avenues for relief. Additionally, as credit-card companies continue to charge high interest rates, more cardholders in debt become delinquent — and that could push the US economy closer to recession."What we're seeing from the data shows a rapidly deteriorating financial landscape for Americans," Bruce McClary, a senior vice president at the National Foundation for Credit Counseling, tells me, "with a lot of people teetering on the brink of severe financial crisis."<h2 id="ddbac9bc-8e83-4317-902e-7a4e1408e665">The squeeze is on</h2>Americans have a lot of debt piled up on their little pieces of plastic. The Federal Reserve Bank of New York said in August that Americans owed a record $1.14 trillion on their credit cards in the second quarter and that balances increased by $27 billion from the same period a year ago, a 5.8% jump. TransUnion says the average credit-card balance per debtor stands at $6,329, up by 4.8% from a year ago. Most worryingly, according to the New York Fed, the percentage of people who had fallen more than 90 days behind on their payments climbed to 6.4% by the end of 2023, up from 4% at the end of 2022. Austan Goolsbee, the president of the Federal Reserve Bank of Chicago, described those rising delinquencies as "uncomfortably high" and a "warning sign" for the economy.This may be worrying news for average households and the US economy, but it is wonderful news for the credit-card companies. Credit-card issuers make money in a few ways, but one of the most important is interest payments. When a customer doesn't pay off their full balance each month, they pay interest that the credit-card company collects, so increasing interest rates is an easy way to bring in more profit. To better understand the strength of the credit-card industry, look at the split between the federal funds rate — the interest rate at which banks make very short-term loans to each other, which is also used as the benchmark for almost every other type of loan — and the average credit-card interest rate. Data from the St. Louis Federal Reserve indicates the difference between the rates is at a nearly three-decade high, suggesting credit-card companies feel free to charge high interest rates regardless of what the Federal Reserve does with the federal funds rate."We should never lose sight of just how profitable credit cards are," Rust says. "You've got interest, you've got interchange, you've got late fees; credit-card companies are making so much money."The Consumer Financial Protection Bureau estimated in February that major credit-card companies earned about $25 billion in additional interest revenue in 2023 by raising their annual-percentage-rate margins, or the difference between the APR and the interest rate set by banks, known as the prime rate. It also found that major issuers raised the average margin by 4.3 percentage points over the past decade, to an all-time high. Using data on how Americans deploy their cards to paint a representative picture, the CFPB estimated that the margin increase cost the average consumer with a balance of $5,300 more than $250 in 2023. On top of that, the bureau's 2023 report to Congress on the credit-card market said companies charged consumers over $105 billion in interest in 2022, helping boost the profit margin for these companies to 5.9% from 4.5% in 2019.These staggering numbers are made possible by the tactics that credit-card companies use to lure in new customers. Antoinette Schoar, an economist at MIT who coauthored a paper examining credit-card companies' use of behavioral biases to acquire customers, says companies use data to determine a prospective customer's education and income levels and will tend to offer products with hidden fees and high rates to people with lower educational attainment and income. For example, a company might advertise a 0% APR, but the consumer might not realize that that rate can't last forever, leading them to take on balances higher than they can afford to pay off. She says that while the tactics companies use to appeal to certain consumers can lead to high balances and credit-card debt, the companies aren't the only ones to blame — government regulations to prevent this kind of misleading marketing by credit-card companies could force the companies to compete by offering customers a better deal."We need better regulation so that the card companies are competing on the right dimensions and not on increasing convolution or increasing confusion to their customers," Schoar says.<h2 id="a19bffcc-ffc0-46bd-9211-4a8e68d3409d">'The highest credit-card rates we've ever seen'</h2>Until 1978, most states had laws capping interest rates for credit cards and consumer products. But a Supreme Court decision that year allowed banks to charge whatever interest rate they wanted if they were headquartered in a state without a usury law. This inspired a race to the bottom, with states like South Dakota and Delaware doing away with their laws in order to attract more business from banks. The industry ended up with, as David Silberman, a senior fellow for the Center for Responsible Lending, put it, virtually "no legal constraints on the interest rate they charge." Lawmakers have tried to rein in the industry — for instance, the CARD Act, enacted in 2009, required card issuers to notify consumers of interest-rate increases at least 45 days in advance and put restrictions on things like late fees and withdrawal fees. The legislation, however, didn't cap interest rates or rate increases. Lowering the current high interest rates, and the profits that come with them, has become a priority across the aisle. GOP Sen. Josh Hawley introduced a bill in 2023 that would cap interest rates at 18% and impose penalties on companies that violate the cap. "Americans are being crushed under the weight of record credit card debt—and the biggest banks are just getting richer," Hawley said in a statement, adding that "capping the maximum credit card interest rate is fair, common-sense, and gives the working class a chance." Democratic Sen. Elizabeth Warren brought up the issue during a Senate hearing in May, saying credit-card companies had "grown their profits through interest and fees."The Federal Reserve cut its benchmark interest rate in September after holding it steady for over a year, but credit-card holders with high interest rates won't feel any relief off the bat. Michele Raneri, a vice president and head of US research and consulting at TransUnion, told me that's because consumers have to pay off their balances at the interest rate in place when they accumulated the debt, so the lower rate wouldn't apply."It'll take a while for the consumer to realize the benefit of it," Ranieri says.The high inflation of the past few years has also made it easier for consumers to fall into credit-card debt. Ted Rossman, a senior industry analyst at Bankrate, described the feedback loop of high prices and high interest rates as "a tough cycle to break." Credit-card companies know what they need to do to maximize profit: If they offer rewards and bonuses up front, they can snag new customers before they realize the high rates they're signing up for. Profits keep rolling in for issuers, while consumers fall further behind.<a target="_blank" rel="" href="https://www.businessinsider.com/author/ayelet-sheffey">Ayelet Sheffey</a> is a senior economic policy reporter on Business Insider's economy team.

Credit card companies are ripping you off like never before

<ul class="summary-list"><li>21-year-old Skylar Griffin has four credit cards, including and AmEx Gold and Platinum.</li><li>She got her first credit card as a freshman to build up her credit score and kept a strict budget.</li></ul>This as-told-to essay is based on a transcribed conversation with Skylar Griffin, a 21-year-old college student in Georgia. Griffin financial claims have been verified with documentation. The following has been edited for length and clarity.When I was a child, my mom often shared financial advice. She told us never to cosign for someone's loan and don't buy anything unless we could buy it twice.On several occasions, she advised us kids never to get a credit card unless we were responsible enough to pay it off each month.She didn't want us to struggle financially like she did as a single parent.In high school, I started watching YouTube videos about finances. I saw financial struggles firsthand, and I didn't want to be in that position as an adult. The videos taught me I'd need to build up my credit score to buy a car or a house or if I might need a loan.<h2 id="102ef261-a63c-412a-8936-6e2d5bc894d4">I got my first credit card before going to college</h2>In July 2021, I was preparing to study business management at Columbus State University in the fall. Without my mom's knowledge, I ordered a Bank of America student card. It was a Visa card with no annual fees. My mom wasn't happy. I reassured her I'd done my research and could handle the responsibility.During college, I worked at a call center during the school year, paid internships in the summer, and received refund checks because my scholarship was more than school costs. I also earned a bit of money doing social media content.My first card had a limit of $500. I would buy little things here and there, making sure I had enough in my checking or savings account to pay it off each month. I'd marked all the due dates in my calendar, and I was never late for a credit card payment. There were temptations to buy new clothes or tech, but I always fought it.<h2 id="fc7cfef9-313f-436d-be60-a1a46519f707">Getting an AmEx for the travel points</h2>I kept using the Bank of America card throughout my freshman and sophomore years of college, but in April 2023, I decided to take out an Amex Gold card as well.I'd heard about travel credit cards through watching financial advice videos online. If I used this card for buying groceries or dining out, my two main expenses in college, I would get four times the points to use on travel. Although I wasn't traveling much, I planned to travel. At the time, the card had a $250 annual fee, which was worth it for the points I felt.I only used my card for things I needed or had saved for. I never bought things just to earn points.In March 2024, I took a big leap and opened an Amex Platinum credit card. It comes with a high price tag — a $695 annual fee — but I thought the benefits outweighed the price. Because it was another Amex card, all of my points were added to the points earned from the Amex Gold.I only use this card for booking flights and hotels because this is what I get the highest points for. With the card, I get five times the points when booking flights and hotels, a $200 yearly airline credit, and a $200 yearly hotel credit.When I stay at Marriott or Hilton, I get 'high status' and often get my room upgraded. But my favourite perk is the CLEAR Plus membership which gets me through TSA quicker at the airport.I knew I was planning some big trips in 2024 to Japan and New York, and then a cruise to the Bahamas, so planned to make all my travel purchases on the Platinum. Since getting an Amex, I've been able to fly to Japan, New York, and Miami for free in 2024.With this card, I accessed airport lounges on the long trip to Japan and was part of the President's Circle with Hertz Car Rentals, so I was guaranteed a car upgrade when I rented a car to get around the country.<h2 id="ec2f29ef-d145-470e-972f-0e160d4e0cd5">I took out a fourth credit card so I could earn points for other purchases</h2>In June 2024, I decided to take out another Amex card — the Amex Blue Business Plus. This card means I can earn points paying for things like gas, that don't earn me points on my other cards.There's no annual fee, and I could only take it out because I'm considered a sole proprietor. I own a Mercari shop where I resell vintage clothes I find at flea markets.I only use my Bank of America card when Amex isn't accepted. I never use a debit card unless I'm pulling cash out of the bank.Even though I am confident and comfortable using credit cards, I still don't spend anything that isn't in my checking or savings account. I never base a purchase on the money that I'm expecting in my account, because you never know how finances could change.I put all my due dates in my calendar and aim to pay each of them off earlier than required. Sometimes, I feel the urge to overspend. But then I remember the interest rates on my cards, and I snap back to reality. Paying high interest because I can't afford to pay my bill in full is not worth the momentary satisfaction of shopping.In addition to all the benefits I've received when traveling, my credit cards helped me raise my credit score to 755.<h2 id="1abacec9-c073-4582-ac5e-15c3908118fc">I never stop learning about finance</h2>I think college students should consider getting a student credit card with no fee. They have low limits and can help start building a credit score. However, if you're impulsive or have poor spending habits, I wouldn't recommend it.My mom now says she's proud of how I manage my finances. I've always found personal finance interesting and the concepts easy to understand, but it takes dedication to stay on track financially. I never stop learning to make sure I'm doing what's best for my financial future.

I'm a college student who pays nearly $1,000 in annual fees for 4 credit cards. It's worth it for good credit and travel perks.

<div type="image" title="The RBI has cracked the regulatory whip on NBFCs and banks, who&amp;#39;ve been pushing microfinance and unsecured loans aggressively to grow their loan books." agency="ANI" msid="114778648" hostid="261" caption="&amp;lt;p&amp;gt;The RBI has cracked the regulatory whip on NBFCs and banks, who&amp;#39;ve been pushing microfinance and unsecured loans aggressively to grow their loan books.&amp;lt;/p&amp;gt;"></div> Imagine this. You have a younger sibling you’re mighty envious of. And why not? Unlike you, they seem to enjoy all the freedom and money in the world. They party like there’s no tomorrow, and here you are, stuck in a boring, ultra-disciplined but responsible routine that feels completely devoid of any independence, and mostly, funds. But of late, things are changing. This sibling is in massive trouble and just cannot escape the parent’s wrath anymore. Long story short, the party is over, and it is time to go back home. The rising defaults on this sibling’s part have now begun pulling the entire house down, thereby attracting the regulator’s ire. <h2>The Wild West of <keyword id="113684" type="General" weightage="20" keywordseo="microfinance" source="Orion">microfinance</keyword> and unsecured loans</h2>It's hard to ignore the issues with microfinance and unsecured loans in India. Many saw them as a small gamble and ignored the rising defaults much like the younger siblings’ tantrums, and now they find themselves in hot waters. The skyrocketing instances of non-payments aren't a micro-issue anymore and are threatening the stability of the entire banking system. In the quarter ended September 30, 2024, 5 of India’s 8 largest private sector <keyword id="19934118" type="General" weightage="20" keywordseo="banks" source="keywords">banks</keyword> reported a steep rise in their bad loan book, mostly thanks to microfinance loans. Some banks, in a bid to strengthen their fortress against these <keyword id="142154" type="General" weightage="100" keywordseo="bad-loans" source="Orion">bad loans</keyword>, have significantly upped their provisions. For instance, IndusInd Bank set aside Rs 525 crore during July and September 2024 to battle the menace of defaults on microfinance loans, which make up about 9% of its total loan book. See, banks rely heavily on their interest income, which they earn from advancing loans. Any loan where the borrower has not paid interest to the bank or defaulted for 90 days or more becomes bad, i.e. an NPA, or non-performing asset for the bank. And who likes things going bad? Simply put, there has been a steep rise in three areas, much to the dislike of banks and MFIs (micro-finance institutions). But hey, it's mostly their doing! <ol><li>GNPA ratio (gross net performing assets): The quantum of non-performing assets a bank has in proportion to its total assets.</li><li>Provision: The amount banks set aside to take care of such NPAs.</li><li>Slippage ratio: The rate at which good girls go bad, or the speed at which good loans turn into NPAs</li></ol>But how are these plaguing the Indian banking sector? And what does the road ahead look like? We decode it for you. <h2> Microfinance: A not-so-micro-menace</h2>Microfinance loans were initially brought forth for low-income households and individuals i.e. for those who might not generally have access to traditional ways of credit, like bank loans and more. They don’t require collateral or an asset to be pledged in lieu of the loan, making it a tad bit easier for borrowers. As of June 2024, the amount of outstanding loans in the microfinance industry stood at a staggering Rs 4,20,256 crore. Of this, NBFC-MFIs accounted for 40% and banks made for 33% of these. In 2022, RBI, in a bid to inspire some competition in this space, did something radical-they did away with the ceiling on how much interest MFIs could charge their customers. Previously, MFIs could add up to 12% to their cost of acquiring funds to determine the final interest rate chargeable to the consumer. So, assuming that Bank A incurs a 5% cost to acquire funds for further loaning, A could charge up to 17% interest from the end consumer. So, interest rates were in the hands of MFIs, and boy, did they have a gala time with it. Instead of spurring some healthy competition, as RBI expected, MFIs and banks went rogue and all guns blazing, competing for the title of “Who will charge the highest interest?” Recently, RBI banned 4 microfinance institutions (MFIs), namely Asirvad Micro Finance Limited, Arohan Financial Services Limited, DMI Finance Private Limited, and <keyword id="20117932" type="General" weightage="20" keywordseo="navi-finserv" source="keywords">Navi Finserv</keyword> from disbursing loans effective October 21, 2024. Why? Because they were charging 14% extra interest over their original cost of funds. To maintain their loan books (and pockets), banks and NBFCs resorted to shady practices like netting off loans, which RBI has now advised MFIs against. Here, lenders allow borrowers to settle a previous outstanding loan by issuing them a new loan! As crazy as it sounds, it helped banks to report less of their total assets as NPAs, since the new credit would cover pending instalments of the borrower’s previous loan. Then there was the issue of borrowers overleveraging, i.e. taking multiple loans using different IDs from various lenders and then failing to honour any of them. The consequence? Banks and NBFCs end up with massive NPAs. Data from credit bureaus suggests that over the last quarter, there was a 17.2% rise in the number of borrowers who had 5 or more active loans at the same time. <h2>Growth &gt; Caution</h2>It's an age-old tale unfolding yet again in India’s banking sector- Icarus flew too close to the sun and eventually, fell to its death. Between April and June 2024, NBFCs microfinance portfolio jumped by 2.7%. If you see this in terms of loan sources, microfinance loans issued by banks grew by 11.2% in Q1FY25. But the same portfolio in NBFCs swelled by almost double-23.9%. While most of these loans had an average ticket size between Rs 30,000-50,000, there was a sharp spike in the number of loans that had a ticket size of Rs 80,000 or more. Data suggests that as of March 2024, more than 12% of all microfinance borrowers had over 4 or more active loans. In dating parlance, this is a classic case of borrowers going polyamorous, minus the honesty and transparency. Not the best of situations, you'd agree! <h2>Will banks and NBFCs stand up to this stress?</h2>If their results for Q2FY25 are to be believed, NBFCs are not handling the pressure all that well. Or even slightly well. Only a few banks like Bank of Baroda (BoB), ICICI, and Indian Bank were up for the battle, even witnessing a decline in their loan delinquencies. Some others, like IndusInd Bank, saw their stock dip by a massive 16.2% over the last 5 days. Its slippages in the previous quarter burgeoned from Rs 15.3 billion in Q1FY25 to Rs 17.9 billion in Q2. As a result, the bank pushed a staggeringly high amount of money to create an NPA cushion for itself. While its management has highlighted its preference for secured lending, that was hardly reflected in its actions during the quarter, where growth in unsecured personal loans remained exceptionally high at over 7% on a QoQ basis. Turns out, only 44% of customers in IndusInd Banks’ microfinance loan portfolio were exclusive to it. The rest 47% were, you guessed it right-polyamorous! 27% had borrowed from another lender as well, apart from IndusInd Bank, while 20% were those who had outstanding loans with two other lenders, apart from IndusInd Bank. IndusInd Bank’s credit card segment did not miss the NPA bus and accounted for 7-8% of its GNPAs. Canara Bank’s total slippages during the previous quarter jumped to Rs 11.1 billion, up by 24.7% QoQ, and making up for 3.6% of its total loans. As for Bandhan Bank, its gross NPA for Q2FY25 inched up on a QoQ basis, up from 4.23% in Q1, to 4.68% in the second quarter. IDFC Bank’s heavy provisioning for its NPAs marred its profits significantly, causing its PAT (profit after tax) to dip by 73% on a YoY basis. Data from ICRA Analytics suggest that the AUM (asset under management) growth in microfinance loans and unsecured (personal and business) loans by the NBFCs will moderate to 10-12% and 19-21%, respectively, in FY2025 compared to 30% and 38%, in FY2024. Says A M Karthik, Senior Vice President &amp; Co-Group Head, Financial Sector Ratings, ICRA, “As bank funds constitute a larger share in the overall funding of NBFCs, a slower credit flow from banks to the NBFCs will compress their AUM growth. The NBFCs in unsecured and digital lending businesses shall face a higher squeeze in funding compared to others, and the unsecured lending space will continue to be a source of stress in the near term.” There has been uninhibited growth in <keyword id="6051027" type="General" weightage="20" keywordseo="Unsecured-loan" source="Orion">unsecured loan</keyword>s, apart from just the microfinance segment. For instance, Axis Bank’s gross slippages jumped by Rs 4,443 crore, largely thanks to its unsecured business. The same is the case with Yes Bank, which saw 35–40% of its retail slippages emerging from the unsecured loan portfolio. <keyword id="6376194" type="General" weightage="20" keywordseo="kotak-mahindra" source="Orion">Kotak Mahindra</keyword> Bank was also quick to follow Yes Bank’s suit, with around 35%-40% of its slippages coming from credit cards. <h2>How is the road ahead?</h2>While RBI has just cracked its whip and served a warning at the moment, experts at Morgan Stanley believe that more changes (read regulatory lashes) are underway. Moreover, with both festive and wedding seasons underway in our country, unsecured lending might pick up momentum, much to the disdain of the calibrated approach banks have been taking towards it so far. But if the situation doesn't improve, RBI will not waste any time in becoming the typical tyrannical <keyword id="19897820" type="General" weightage="20" keywordseo="bollywood" source="keywords">Bollywood</keyword> headmaster who runs his dominion with an iron fist. However, that's a story for another day. Do you have a topic in mind you'd want a simpler explanation for, or insights or personal experience to share on personal finance and more? Contact us at businessinsider@timesinternet.in.

Simply Put: Is the lending party over? The dangerous tango of Indian banks with microfinance and unsecured loans

<ul class="summary-list"><li>The credit card debt for young Americans has grown at a faster pace than other generations.</li><li>More than one in three millennials and Gen Zers have a subprime credit score below 600</li></ul>Americans are in the midst of a <a target="_blank" href="https://www.businessinsider.com/credit-card-debt-interest-rates-consolidation-economy-recession-soft-landing-2024-2">credit card crisis</a>, and nobody is being hit harder than millennials and Gen Zers.Since the Federal Reserve Bank started raising interest rates in 2022 to fight inflation, the credit card debt for millennials and Gen Z has increased at a higher rate than other generations, according to data published by <a target="_blank" href="https://www.creditkarma.com/about/commentary/millennials-and-gen-z-rack-up-credit-card-balances-amid-sky-high-interest-rates">Intuit Credit Karma</a> on March 1. The study examined the anonymized credit scores of 41 million customers and anonymized credit card balances for about 80 million people in March 2022 and February 2024.The average credit card balance for millennials — who are between the ages of 27 and 41 — has risen 62% since March 2022, with average outstanding balances growing from $2,000 to $3,300.Meanwhile, the rate of increase has been slower for Gen Zers, who are between the ages of 18 and 26. However, their average credit card debt is more than twice that of millennials, growing 50% in two years, from $4,500 to $6,700."Those who are unable to manage credit responsibly could have a difficult time taking out other loan products down the line, like an auto loan or mortgage, which could hold them back from achieving key financial milestones like buying a home," Rich Franks, head of Lightbox, which helps people learn more about the types of credit they would be approved for, at Intuit Credit Karma, told Business Insider.And the credit these consumers receive would likely come with higher interest rates and costs, making it harder for younger consumers to build wealth, Franks added.<h2>Credit scores are falling for young Americans</h2>The soaring credit card debt has coincided with falling credit scores for these younger groups of consumers.In February, more than one in three millennials and Gen Z Americans had a subprime credit score — below 600, according to Intuit Credit Karma's data. The percentage of millennials with subprime scores grew from 28% to 34% since March 2022. The rate for Gen Zers grew from 25% to 33% in the same period."It's fairly normal for young people to borrow a lot during the early years of their careers, and we certainly see that happening right now with Gen Z and millennials," Franks told Business Insider. "However, we hope to see — and to some extent, are seeing — millennials shifting into the phase of their lives where they're saving and building wealth, though that's been difficult with sustained inflation, rising home prices, and high-interest rates."Franks added that this could become a bad loop for the economy if young consumers curb their spending.One of the issues facing younger Americans is that they use credit cards more often than older generations.According to a <a target="_blank" href="https://www.forbes.com/advisor/credit-cards/credit-cards-trends-by-generation/">study commissioned by Forbes Advisor</a> and conducted by market research company OnePoll published in February, 36% of millennials and 30% of Gen Zers reported using a credit card at least once a day. No other generation was above 20%. Additionally, 34% of millennials reported missing a credit card payment in the previous 12 months, the most for any group. The rate for all ages combined was 22%.There are growing concerns that the <a target="_blank" href="https://www.businessinsider.com/interest-rate-cuts-federal-reserve-bank-when-rent-costs-housing-2024-3">Federal Reserve Bank</a> won't start cutting interest rates in the coming months and will instead choose to keep them higher for longer. If that happens, credit card debt will likely keep growing, and credit scores for young Americans could keep dropping.Americans in their 30s are far more likely to seek <a target="_blank" href="https://www.businessinsider.com/credit-card-debt-interest-rates-consolidation-economy-recession-soft-landing-2024-2">credit counseling</a> than other age groups.<div type="image" title="Number of people seeking debt counseling and average volume of debt." height="767" width="1079" msid="108351984" hostid="261" sizebytes="39970"></div>Franks noted that whether young Americans seek help or do it themselves, the most important step is to know everything about their finances."Whether working with a certified professional, using an online app, or doing it yourself, the best way to get started is to know where you stand," Franks said. "From there, you can make a plan for how you want to allocate your money to achieve your financial goals."

The credit card crisis is worse for millennials and Gen Zers

<ul class="summary-list"><li>US consumers are struggling with soaring credit card debt and rising interest rates.</li><li>Experts said the debt increase is the most concerning for younger adults.</li></ul><a target="_blank" href="https://www.businessinsider.com/black-friday-sales-record-thanksgiving-cyber-monday-online-deals-bnpl-2023-11">Consumer spending</a> helped keep the US economy afloat in 2023, but <a target="_blank" href="https://www.businessinsider.com/recession-outlook-economy-consumer-spending-gone-2023-9">some cracks</a> could be starting to show.<a target="_blank" href="https://www.businessinsider.com/credit-card-interest-rates-late-fees-are-rising-recession-2023-11">Credit card debt</a> is now at record levels, and interest rates on those cards have soared. The result is that delinquent balances on debts, in general, and credit cards, specifically, are skyrocketing, and a rising number of Americans are now trying to find a way out as the US faces a credit card crisis.According to data provided to Business Insider by <a target="_blank" href="https://www.moneymanagement.org/">Money Management International</a> (MMI), a nonprofit credit counseling agency, the number of Americans who sought counseling for their <a target="_blank" href="https://www.businessinsider.com/black-friday-cyber-monday-holiday-shopping-discounts-sales-prices-2023-11">debt soared after the holidays in January</a>.<div type="image" title="Number of people seeking debt counseling and average volume of debt." height="767" width="1079" msid="107915105" hostid="261" sizebytes="39970"></div>While the chart above looks most problematic for people in their 30s and 40s, an age group that touches both millennials and GenX, Thomas Nitzsche of MMI noted they are most worried about people in their 20s, Gen Z and younger millennials.This group represented the fewest counseling cases in early 2022 but has recently effectively matched people in their 50s and only trail people in their 30s and 40s."We're especially concerned with the increase among young adults in their 20s," Nitzsche told Business Insider. "We expect this to continue as student loans come back online, interest rates and balances are elevated, and the cost of living remains high."<h2>The US is facing a credit card crisis</h2>It should come as no surprise that the number of people worried about their debt is rising.According to the <a target="_blank" href="https://www.newyorkfed.org/medialibrary/interactives/householdcredit/data/pdf/HHDC_2023Q4">Federal Reserve Bank of New York</a>, total household debt in the US has risen more than 24% since before the pandemic in 2019 and now sits at $17.5 trillion.Of that total debt, credit card balances are growing the fastest. Americans owe a record-high $1.13 trillion on their credit cards. That total increased by 4.6% in the third quarter of 2023 — <a target="_blank" href="https://www.businessinsider.com/consumer-debt-credit-card-balances-fed-loans-mortgage-student-loans-2023-11">the ninth straight quarter with a rise</a> — even before the holidays, and faster than the overall debt growth rate of 1.2% in that period.According to <a target="_blank" href="https://fortune.com/recommends/credit-cards/average-credit-card-debt/">a Fortune calculation</a> using data from the Federal Reserve Bank of New York in Q2 of 2023, the average credit card balance was $5,733 per cardholder, while the average for those who do not pay off their balance every month is much higher. <a target="_blank" href="https://www.bankrate.com/finance/credit-cards/credit-card-debt-survey/">According to a Bankrate survey in November</a>, only 49% of Americans carry a credit card balance month-to-month.Americans are also struggling to pay their credit card bills on time more than other types of debt. <a target="_blank" href="https://www.newyorkfed.org/medialibrary/interactives/householdcredit/data/pdf/HHDC_2023Q4">According to the Fed</a>, more than 6% of all credit card balances are in serious delinquency, more than double the rate seen just two years ago and still rising.<div type="image" title="Debts in serious delinquency." height="1336" width="1892" msid="107915107" hostid="261" sizebytes="112286"></div><a target="_blank" href="https://www.jpmorgan.com/commercial-banking/ginger-chambless">According to Ginger Chambless</a>, the head of research for JPMorgan Chase, this represents a shift from mortgage delinquencies to credit cards."In the 2005-2010 period, there was a lot more delinquencies in mortgage debt, which is about 65% to 70% of overall household debt," Chambless told Business Insider. "In recent years, mortgage delinquencies have stayed very low as they are largely locked in at low fixed rates."This can be seen in the chart below. During the subprime housing crisis, from roughly 2007 through 2010, mortgage delinquencies, and hence total delinquencies, rose faster than credit cards and even fell slower after the peak.We are now seeing the same trend in credit cards, with delinquencies rising much faster than overall debt.While this could create a parallel between today's credit card crisis and the mortgage crisis of 15 years ago, there are a few important differences today. Employment is strong and real wages have risen in recent years. Additionally, failing to pay a credit card bill will not likely result in losing your home and the years of equity you've paid into it.Still, the rise in credit card debt and delinquencies could point to cracks in the strength of Americans' spending power.<div type="image" title="New delinquent balances (30+ days), percent of current balance" height="363" width="550" msid="107915108" hostid="261" sizebytes="9442"></div><h2>Interest rates are not helping</h2>What makes the credit card situation worse is that not only is debt soaring, but so are interest rates.The Federal Reserve started hiking rates in March 2022 to get inflation under control. Credit card interest rates, already at their highest level since the mid-1990s, started soaring even higher.<div type="image" title="Credit Card interest rates" height="924" width="1200" msid="107915110" hostid="261" sizebytes="43172"></div>Based on current balances and interest rates, <a target="_blank" href="https://www.businessinsider.com/credit-card-interest-rates-late-fees-are-rising-recession-2023-11">which have exceeded 30% in some cases</a>, the average American spends $1,140 every year, or about 2% of their pre-tax income, on credit card interest and fees alone.And all of this still doesn't consider the growing "<a target="_blank" href="https://www.businessinsider.com/buy-now-pay-later-phantom-debt-hurt-consumers-us-economy-2024-1">phantom debt" of buy now, pay later</a> payment plans. Americans are increasingly turning to these plans over credit cards, but we don't know the full extent of this burden on the American consumer since these loans are often not reported to credit agencies.A <a target="_blank" href="https://wellsfargo.bluematrix.com/links2/html/2bfba33d-9769-4756-9db7-cc6a7ac5807e">December report from Wells Fargo</a> found that buy now, pay later balances were about 2.5% the size of credit cards in 2021, up 1,000% from 2019.The use of buy now, pay later soared even more this past holiday season. <a target="_blank" rel=" nofollow" href="https://business.adobe.com/resources/holiday-shopping-report.html">According to Adobe</a>, which tracks online sales, buy now, pay later plans use was up 47% on Black Friday and 43% on Cyber Monday.Many people are confident that the US economy has successfully <a target="_blank" href="https://www.businessinsider.com/recession-federal-reserve-interest-rates-cuts-soft-landing-us-economy-2024-2">avoided a recession</a> — although <a target="_blank" href="https://www.businessinsider.com/recession-outlook-financial-crisis-economy-federal-reserve-yield-curve-rosenberg-2024-2">some are still worried</a>. But while a credit card crisis may not weigh as heavily as the mortgage crisis of the late 2000s, there are signs that the soft landing could be rougher than hoped.Are you struggling with credit card debt or taking on extra jobs to pay your bills? Contact this reporter at <a target="_blank" href="mailto:cgaines@businessinsider.com">cgaines@businessinsider.com</a>.

Americans are facing a credit card debt crisis

<div type="image" title="RBI" agency="ANI" height="900" width="1200" msid="105464045" hostid="261" sizebytes="40796" caption="&amp;lt;p&amp;gt;RBI&amp;#39;s vigilance: New consumer credit norms to bolster India&amp;#39;s financial stability amidst surging loan growth&amp;lt;/p&amp;gt;"></div>In a proactive move aimed at mitigating potential systemic risks associated with the rapid growth of <keyword id="437168" type="General" weightage="20" keywordseo="consumer-credit" source="Orion">consumer credit</keyword>, the Reserve Bank of India (<keyword id="30067" type="General" weightage="20" keywordseo="rbi" source="Orion">RBI</keyword>) has implemented stringent measures, impacting both banks and non-bank financial institutions (NBFIs). <keyword id="125045" type="General" weightage="20" keywordseo="fitch-ratings" source="Orion">Fitch Ratings</keyword> has provided insights into the repercussions of these regulatory adjustments on the financial sector. The central focus of the regulatory adjustments is to mandate banks and NBFIs to allocate more capital against unsecured consumer credit. Fitch Ratings views these changes as a credit-positive effort by regulatory authorities to control emergent risks in consumer credit. Notably, the growth of unsecured credit card loans and personal loans by banks witnessed an impressive 29.9 per cent and 25.5 per cent year-on-year increase, respectively, in the first half of the financial year ending March 2024. This surge in consumer credit raised concerns, prompting the need for preventive measures. The increasing exposure to unsecured consumer credit considered a riskier <keyword id="6360217" type="General" weightage="20" keywordseo="loan" source="Orion">loan</keyword> category, signals a greater risk appetite among banks and NBFIs. This trend is attributed to the institutions seeking to protect net interest margins (NIMs) amid fierce competition for secured retail loans. The regulatory changes introduce higher risk weightings, aligning for both banks and NBFIs. While risk weightings for credit-card lending increase to 125 per cent (from 100 per cent previously) for NBFIs, banks maintain a higher 150 per cent. Microfinance is excluded from higher risk weights for NBFIs, distinguishing it from banks. Fitch Ratings estimates that the measures may lower the common equity Tier 1 (CET1) ratio of the banking system by around 30 basis points. The impact varies for Fitch-rated banks, ranging from 6 to 34 basis points, with a double-digit impact expected for private banks like State Bank of India (SBI) and Canara Bank. Private banks, with relatively better CET1 capitalization, are expected to maintain reasonable capitalization even after the changes. The measures, however, may not significantly lower banks' capital scores or standalone Viability Ratings (VRs), though SBI's VR headroom could narrow. Fitch-rated NBFIs, including Shriram Finance Limited, Muthoot Finance Ltd, IIFL Finance Limited, and Manappuram Finance Limited, witness an impact on capitalization ratios, loan growth, and future asset quality. However, the overall impact is expected to be limited, with these entities benefiting from reduced systemic risk. NBFIs may experience a rise in bank funding costs by 40 to 60 basis points. This assumes that banks pass on capital costs from higher risk weights on loans to NBFIs. Larger NBFIs are better positioned to negotiate favorable terms with banks, while lower-rated entities could face greater increases. Loans to housing finance companies and NBFIs eligible for priority sector classification are excluded from the adjustment, benefiting entities like Shriram due to their priority sector exposure. The regulatory changes aim to strike a balance between fostering consumer credit growth and preventing the buildup of systemic risks. The phased implementation of these measures underscores the regulators' commitment to maintaining financial stability while allowing financial institutions time to adapt to the new norms. As India's financial landscape undergoes these adjustments, stakeholders are closely monitoring the impact on lending practices, risk management, and overall economic resilience. (ANI)

RBI's vigilance: New consumer credit norms to bolster India's financial stability amidst surging loan growth

The offers and details on this page may have updated or changed since the time of publication. See our article on <a href="https://www.businessinsider.com/paid-off-credit-card-debt-solid-plan-2024-6" target="_blank">Business Insider</a> for current information.<ul class="summary-list"><li>At the beginning of the year, I was facing nearly $30,000 in credit-card debt.</li><li>I made a budget to pay it off in 18 months, but a big project let me pay off most of it in just one.</li></ul>When December ticked into January, I knew it was time to face something I had been putting off: my credit-card debt. When I added it up, it was even worse than I'd thought. I owed $29,357, and my monthly payments alone were approaching $1,000.If I were reading about this happening to anyone else, I'd probably think, "How did that happen?" The truth is, it was just too easy. I wasn't dining out regularly, shopping impulsively, or doing anything extravagant. I racked up most of the debt improving my house, which I bought as a foreclosure in need of serious repairs. Another major chunk was from a bucket-list trip to Italy with my sister and cousins for a wedding.I didn't regret either of those things, but I was starting to feel suffocated. I vowed to <a href="https://www.businessinsider.com/personal-finance/how-to-pay-off-debt-fast">pay off my debt</a> as aggressively as I could.<h2>I realized I was undermining my financial security</h2>I've been freelancing for more than a decade, and I believe there's a lot of job security in being a contractor. If one client goes under, I can find another. Yet at the start of this year, I barely had any work.This compounded my stress about my credit-card debt. A major change in my workflow could make it impossible to keep up with even the minimum payments. That much debt could easily snowball and overwhelm me, flattening my plans for a stable financial future.Over the past five years, I've worked hard to create a stable career — and eventual retirement — as a freelancer. To me, that means being able to pay for my needs and wants comfortably while doing the type of work I love. I save monthly for <a href="https://www.businessinsider.com/personal-finance/retirement">retirement</a> and budget diligently for quarterly taxes. I felt frustrated with myself when I realized I was leaking money on credit-card interest when it would otherwise help build my security.<h2>I made a budget and planned to pay off the cards in 18 months</h2>My resolve was strong, but I was still overwhelmed by the sheer amount of debt. I thought about a home-equity loan, but I didn't want to change unsecured debt for a loan that put my home on the line.Instead, I put together a budget — something I'd been good about sticking to in the past — and laid out all my household expenses. With my low January income, I would just meet them. I decided to do a no-spend month, where I didn't purchase anything but essentials — not even coffee. I stopped using the cards and canceled any automatic charges and subscriptions linked to them.I planned to stick to my <a href="https://www.businessinsider.com/personal-finance/best-budgeting-apps">budget</a> and direct any extra income toward my debt. I thought it would take me about 18 months, which made me think twice about how much I really needed that trip to Italy or the new floors.<h2>An unexpected project gave me a huge boost</h2>I stuck to that plan for the first few weeks of the year. Then, in February, I had a huge windfall. An occasional client explained they had a massive project that needed to be finished that month. At first, I thought it would be about $5,000 of extra income, and I was thrilled to be able to pay off a chunk of my debt.As the month went on, the project ramped up instead of slowing down, and I worked long hours daily. I felt glued to my computer, but by the end of the month, I had made almost $25,000 more than in a typical month. It all went to my credit cards.<h2>I feel like I have a clean slate and a better understanding of my financial goals</h2>Getting that project felt like a gift — a chance to right the wrong choices I'd made financially. I had $5,000 in credit-card debt left after that, and I'm following my budget to pay that off. That feels like a much more manageable amount, and I'll be able to pay it off this year.Now, I'm determined to use my clean slate to set up a solid financial future, not one built on debt. I'm already planning to increase the amount of money I put in my <a href="https://www.businessinsider.com/personal-finance/best-retirement-plans">retirement plan</a> and tackle my remaining <a href="https://www.businessinsider.com/personal-finance/best-private-student-loans">student loans</a> next year.Like most millennials, I can get distracted by the shiny spend-now, pay-later promise of credit cards. But after feeling overwhelmed by them and being lucky enough to escape, I know that the real goal is a future where I'm financially stable enough to fit major expenses into my cash flow, including the travel and home improvements that almost took me down.

You Searched For "Kisan Credit Card loan" and got 9 results

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