๐ Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. ๐ฅ
โ
Login
Home
News
Messages
Startup Showcase
Trackers
Premium
Premium Content
Jobs
Notifications
Settings
Try our Valuation Calculator โ
Log In
News on Medial
Turmoil strikes Scapia customers as Federal Bank Slashes credit limits of cobranded credit cards
Inc42
ยท
1y ago
Medial
Travel fintech startup Scapia has faced backlash after customers complained about the sudden reduction of credit limits on their cobranded credit cards issued in partnership with Federal Bank. The move, effective from January 10, 2024, left customers disgruntled and took to social media platforms to voice their concerns. While Scapia has not responded to queries, Federal Bank attributed the credit limit reductions to periodic reviews and adherence to credit card usage guidelines. Sources suggest that inactive users may have received a directive to lower their credit card limits or have their cards disabled.
View Source
Related News
Cobranded credit cards to form 25% of market by FY28: report
Economic Times
ยท
11m ago
Medial
Cobranded credit cards are projected to make up 25% of the Indian credit card market by FY28, growing at a rate of 35-40% annually. Currently, their market share stands at 12-15%. Cobranded cards involve a bank as the issuer and a different brand as the customer acquisition channel. Examples of popular cobranded credit cards in India include Flipkart and Axis Bank, Amazon and ICICI Bank, and Swiggy and HDFC Bank. Cobranded cards have higher activation rates and spending averages compared to traditional cards. The Reserve Bank of India has implemented stricter regulations for this sector to manage risk and ensure customer protection.
View Source
Federal Bank restarts co-branded credit card issuance with fintech startup Scapia
Economic Times
ยท
4m ago
Medial
Federal Bank has resumed issuing co-branded credit cards with fintech startup Scapia after a year-long pause due to regulatory intervention. This restart follows the Reserve Bank of India's approval, indicating potential further partnerships. Scapia, founded by Anil Goteti in 2022, focuses on offering travel-specific credit cards. The revival aids Scapia's operations and aligns with its goal to create a travel ecosystem. The move also positively impacts the fintech sector amidst increased regulatory scrutiny.
View Source
RBI ups scrutiny on credit cards
Economic Times
ยท
1y ago
Medial
The Reserve Bank of India is tightening regulations on cobranded credit cards to prevent unregulated companies from entering the highly regulated credit card sector. The RBI wants cobranded cards to grow in a regulated fashion and has instructed issuers to prominently display the name of the issuing bank on the cards. The central bank is also prohibiting banks from entering into exclusive arrangements with card networks and is concerned about the end use of credit cards, both for corporate and retail purposes. These restrictions follow the RBI's recent scrutiny of digital lending and payments aggregator space.
View Source
Travelling abroad? Here are 3 zero-forex credit cards you can get for free | Mint
Livemint
ยท
11m ago
Medial
International travel often comes with the burden of forex markups, which lead to additional costs on transactions. However, savvy credit card users can minimize these fees by utilizing cards that offer no forex charges and maximizing rewards to offset any fees paid. Some recommended options include the IDFC Wow, Federal Bank Scapia, and RBL World Safari cards. These cards eliminate forex fees, offer various benefits such as travel insurance and lounge access, and provide attractive reward rates on travel and purchases for cardholders.
View Source
Federal Bank, South Indian Bank announce measures on co-branded credit cards
Money Control
ยท
1y ago
Medial
Federal Bank and South Indian Bank have announced measures regarding their co-branded credit cards in response to regulatory guidance from the Reserve Bank of India (RBI). Federal Bank has stopped issuing new co-branded credit cards and is rectifying deficiencies before resuming issuance. Both banks will continue to service existing customers with co-branded credit cards. The RBI recently amended its master directions on credit and debit cards, requiring card issuers to monitor the end use of funds and safeguard customer data. The RBI also stated that card issuers should not be restricted from using services from multiple networks.
View Source
Is your credit card application getting rejected? Try an FD-backed card
Money Control
ยท
1y ago
Medial
Individuals with poor credit scores or irregular income may struggle to obtain a regular credit card. In such cases, banks may offer an FD-backed credit card, which requires customers to maintain a fixed deposit as collateral. This assures banks that any dues can be offset by the FD money. FD-backed credit cards offer benefits such as rewards and brand offers while earning interest on the deposited amount. They are suitable for first-time borrowers and those seeking to improve their credit score. However, these cards may have lower credit limits and fewer benefits compared to unsecured cards.
View Source
Federal Bank to come back with co-branded credit cards in 3-4 months after getting regulatory approvals: Shyam Srinivasan
Money Control
ยท
1y ago
Medial
Federal Bank is planning to reintroduce co-branded credit cards in the next three to four months pending regulatory approvals from the Reserve Bank of India (RBI), according to Managing Director and CEO Shyam Srinivasan. The bank has put a halt on issuing new co-branded credit cards after receiving a letter from the RBI on March 12, 2024. Federal Bank recently reported a nearly flat net profit of Rs 906 crore ($120.53 million) for the quarter ending March 31. Their net interest income also reached a record high of Rs 2,195.11 crore ($291.82 million).
View Source
Why Kotak Mahindra Bank was barred by RBI from onboarding new online customers, issuing credit cards
Money Control
ยท
1y ago
Medial
The Reserve Bank of India (RBI) recently took the decision to bar Kotak Mahindra Bank from onboarding new customers through online and mobile banking channels, as well as issuing fresh credit cards. The specific reason for this action has not been disclosed.
View Source
Cobranding with Tata Neu, Swiggy widens HDFC Bank cardsโ reach
Economic Times
ยท
1y ago
Medial
HDFC Bank is capitalizing on the trend of co-branded credit cards by issuing a large number of cards in partnership with popular brands like Swiggy and Tata. This move by HDFC Bank allows customers to enjoy special offers and benefits when using these co-branded cards, enhancing their overall card usage experience.
View Source
ICICI Bank app glitch: Alert raised, netizen says sensitive card info visible
Livemint
ยท
1y ago
Medial
ICICI Bank customers have reported a potential security glitch in the bank's mobile banking app, Mobile Pay. Users claim that they were able to view other customers' credit card details, including full card numbers, expiry dates, and CVV codes. This raised concerns about the possibility of misuse for international transactions. ICICI Bank has reportedly restricted access to credit card information in response to the issue. The bank is yet to comment on the matter. Users have advised blocking and replacing cards as a precautionary measure. The issue has been flagged to ICICI Bank for investigation.
View Source
Trackers
Active Indian VCโs
OG Capital
Email
With a hands-on approach, OG Capital aims to invest in over 20 promising...
Accel Partners
Email
Early and growth-stage investments in disruptive technology companies with...
Blume
Email
Early-stage venture capital firm investing in technology startups in India. Focus on...
Access All Trackers
Startup Showcase Winners
June 2025
Buddy
Helping your parents when you are miles away
BiteStop
The Pit Stop Your Cravings Deserve
Bloomer
The next generation E-commerce platform
Enter Ongoing Startup Showcase
Top Users
Trending News on Medial
Download the medial app to read full posts, comements and news.
Go to Medial App
Not Now
Know everything thatโs happening in the startup ecosystem, first.
Enable Notifications?
No, thanks
Count me in