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Credit cards in India
The Indian government all the banks to issue credit cards in the year some were in 1991. The government made no conditions strictly for recovery of their debits to the public. The banks sucked the blood of Indians by giving them accept credit card. To recover the money they traced every individual. They also used the illegal force to recover the money from the persons whom it gave as credit money of honoring the person.
When the banks offered credit to the public in around 1992 the people did not accept it and its totally new concept for them which is against their regular habits. The bank was not able to finish the target. Most of the banks stopped with initial advertisement charges and further in return they had very little customers to owe money from the banks. The elders of the family still opposing youngsters to take credit from the banks. In India still the credit card business is not very much happy economic condition. The people of the country are also not still interested in taking credits. Perhaps the people enjoyed debit accept credit card.
The advantage of accept credit card is more interesting. If you have the credit card the paying option is given to you to pay the full amount without interest within forty days are free. If you do not pay for forty days you need to pay the interest. The articles purchased through credit cards are insured. This is an interesting topic to public but still since from 1992 to 2006 almost fourteen years of operations in issuing credit cards the banks had only little profit. Basically people think credit card is a culture of western countries it has no use in economic revolutions are any great growth in economics. But the people allow their mind for debit cards. But the banks also charges as little as service charges. People happily pay this service charges and uses only the debit cards. Still now most of the people hate both debit card and credit card from the banks. Of course they are aware of the banking and advantage of banking in normal mode.
The debit card is being encouraged by any elders in India. They do not stop their children using debit cards. In fact most of the family it is recommended by the parents. Unlike other countries India has got group family system. The head of the family will be working for the total family. The head of the family members age would be lesser than the any other persons of the family. He would go to his office or business earns money and feed jobless of the family. In India every family will have jobless members two or three. It depends on the age and much more things. If the credit card is offered for job less people are also will not make any change in the business of the bank.
If the bank offers credit card for the jobless also, you can find only very less application to avail the accept credit card. The people in India basically held with religious mind. What ever they do they get back to the ethic stories and the bag round immediately they will stop their application to the bank or any other organization which issues credit cards. To get use of these credit cards it will take less than another thirty to forty years. Only then banks also can make business out of this scheme. Some of the ethic stories in India say very badly about the credit and payments. That is the only reason people are not interested in using credit cards. When their mind will change It is a big question. It will take many years to get used with this type of economics. In western countries employment is not a big problem. But in Asian countries like India, Bangladesh, Pakistan the population ratio is more but the employment ratio is less. In India still 3o million people do not have food cloth shelter etc. This thirty million people not residing one part of India and the government is not taking care of them. The thirty million poverty people spread all over the country. The government is also taking enough steps to control poverty. Some of the good programmed concepts also designed to stop the poverty but it will take another twenty to twenty five years to achieve the target.
The useful credit card net work has come to India. Formers in India previously suffered a
lot with poverty. Their main income is agricultural income. On shortage of rain and bad weather, their income gets affected. At the same time, no subsidy or grant would be given to them making their mind to commit Suicide, Plenty of farmers committed Suicide unable to handle the adversities. Now the government is issuing credit cards for them. Now they are able to buy the seeds, and motor pumps for their fields. Now they try at least to some time and take an advantage of these credit cards. The government offers an approximately one thousand dollars. This credit is enough for them to rebuild their stage or create any thing of their wish.
Weavers also offered credit card. Weavers use this for buying looms and other relevant things to their profession. Now they are able to come out with new design cloth for all seasons. Now it is also being exported to neighboring countries, their economic conditions are much better and the poverty is also completely less now. The home loan is different from the credit card. The home loans are not just started. It has got ethic value. In ethic stories also owning a house is insisted. Owner of living house it self a great privilege in India. Now the ratios of the house owners are raised. None of the Indian is against the home loans. The home loan interest is also less. Any person can manage their payment. This developed many Indians to have a home of his own.
In general the credit cards are useful one to the global community. It is wise invention. The concept is really good. But the application should be only in rich countries this will work out well rather than the poor countries which live only by global credits. Especially countries like Bangladesh, Myanmar and few more in the list are to be avoided in this style of banking system . Other Articles |
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