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Context is everything.
Detailed stories on technology startups, business and economic current affairs.
Detailed stories on technology startups, business and economic current affairs.
Amid a crackdown by the RBI and dubious practices plaguing the industry, major banks are trimming many of their credit card offerings despite their popularity and business potential.
This article is part of a series called Scam Season—a series where The Morning Context documents the unethical, unsafe and fraudulent aspects of tech businesses in India.
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Last week, Axis Bank, one of India’s leading private sector lenders, said it was rolling back several benefits linked to nearly all of its credit cards from 20 April. The announcement prompted a fair bit of outrage.
The changes introduced by the bank are wide-ranging. Several categories of spending—fuel payments, jewelry, insurance—will not be considered for earning reward points, lounge access to customers at major airports has been curtailed, cashbacks and discounts …
Aggressive summer deals are being rolled out to make up for the slump in arrivals; Coinbase is setting up a new tokenization hub, and other updates.
Aggressive expansion, continued dependence on its parent for business, and an adverse shift in the product mix weigh on profitability as well as investor sentiment.
The central bank’s shift to a 100% collateral requirement threatens to erode leverage, reduce volumes and force a consolidation across prop desks.
