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150-200 lol.According to Moneycontrol article:
"The credit card startup has received notification from its banking partner Federal Bank to bring down the credit limits by up to 70-80% for inactive users or users who have made infrequent transactions. Maybe around 150-200 users so far might have gotten impacted due to the move and this is done only for users who have not even touched their cards or used at least 10% of the limit," A source close to the development said.
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Travel credit card startup Scapia faces user backlash for reducing credit limits
Scapia's banking partner Federal Bank has ordered the firm to reduce credit limits for inactive users.www.moneycontrol.com
These news portals write just for the sake of writing an article. All bakwas news without any head or tail just in the name of imaginary "source".According to Moneycontrol article:
"The credit card startup has received notification from its banking partner Federal Bank to bring down the credit limits by up to 70-80% for inactive users or users who have made infrequent transactions. Maybe around 150-200 users so far might have gotten impacted due to the move and this is done only for users who have not even touched their cards or used at least 10% of the limit," A source close to the development said.
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Travel credit card startup Scapia faces user backlash for reducing credit limits
Scapia's banking partner Federal Bank has ordered the firm to reduce credit limits for inactive users.www.moneycontrol.com
150-200 users will not have any concern for a bank. And it's not 70-80% reduction but upto 98%. It is much bigger chunk. They are just trying to save their face now by these paid articlesAccording to Moneycontrol article:
"The credit card startup has received notification from its banking partner Federal Bank to bring down the credit limits by up to 70-80% for inactive users or users who have made infrequent transactions. Maybe around 150-200 users so far might have gotten impacted due to the move and this is done only for users who have not even touched their cards or used at least 10% of the limit," A source close to the development said.
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Travel credit card startup Scapia faces user backlash for reducing credit limits
Scapia's banking partner Federal Bank has ordered the firm to reduce credit limits for inactive users.www.moneycontrol.com
Don't blame them. Blame the system. These people are pressurized to churn up 15-20 articles a day or their bonuses would be affected. This is why quality of journalism has gone down in the recent days.These news portals write just for the sake of writing an article. All bakwas news without any head or tail just in the name of imaginary "source".
Maybe around 150-200 users so far might have gotten impactedDon't blame them. Blame the system. These people are pressurized to churn up 15-20 articles a day or their bonuses would be affected. This is why quality of journalism has gone down in the recent days.
Also, they probably meant 150-200k users. 😂Maybe around 150-200 users so far might have gotten impacted
Yeah may be and might in same sentence. Gotten impacted or might be/have been impacted 🥴 They don't even proof read it
पउआ मार रयYeh Scapia wale pehle adhe logo ka card application reject kya high credit utlisation aur high cibil enquiry bol ke.
abhi jinko card diya unka credit limit 95℅ tak decrease kar diya low credit utilisation bol ke.... So my questions is that ki......
Yeh scapia waale kaunsa maal phunkh rahe hain ?????? 😂😂
then federal bank ordered scapia : Master jee sabke credit limit se ek ek bilaang kam kar dou limit 😜Bingo, when the investor's money is gone.
Limit ke naam pe ek bilaang hi bacha hai 😛then federal bank ordered scapia : Master jee sabke credit limit se ek ek bilaang kam kar dou limit 😜
abhi jinko card diya unka credit limit 95℅ tak decrease kar diya low credit utilisation bol ke.... So my questions is that ki......Yeh scapia waale kaunsa maal phunkh rahe hain ?????? 😂😂
again federal bank ne 5 star khaa lia tb wo v nahi bachega 😜Limit ke naam pe ek bilaang hi bacha hai 😛
correctionMaybe around 150-200 users so far might have gotten impacted due to the move and this is done only for users who have not even touched their cards or used at least 10% of the limit," A source close to the development said.
Scapia hi phukh rahe hai re baba & this entire fiasco proves their algo was flawed ... Period.Cibil ne kaha credit utilisation below 30% rakho
Scapia kahta hai credit utilisation 30% se badhaao
aur Federal Bank ke order se scapia ne tou direct Credit limit hi neeche kar di
ab maal federal bank ne phunka hai ya scapia ne pata nahi.
end game is an IPO exit. baki ye sab business to bahane haiAs I was repeatedly mentioning in TF forum - in various threads - non-bankers are running these operations with ZERO knowledge of these banking products n operations. BTech n MBAs - however good they may be - can never replace true-bankers. More so, in banking product design, operations and compliance.
More than a dozen fintech card issuing firms have launched their products - CCs n Loans n Deposits - without much understanding.
Already some are on the verge of extinction. By mid-2024, I expect many more will be vanishing.
very true . RBI must have an overall cap on number of credit cards and overall limits vs ITR.Scapia hi phukh rahe hai re baba & this entire fiasco proves their algo was flawed ... Period.
They rejected people JUST for having more than 4-5 CIBIL hits in 6 months and/or higher CU ratio, which is NONSENSE ...
Say someone with a salary of 1L Per Month (12L PA) has a total credit exposure of 2L & was using 90% of that limit (1,80,000) it did not make sense to reject them just for that, which they did ... Amount of Credit Exposure is more important than CUR itself ! This is what banks abroad also take in to their algo before assigning a limit or approving a card !! Scapia should have asked for supporting docs or put applications for Manual Review in such cases instead of instantly rejecting them.
Also, Ironically the reason Scapia gave for cutting down people's credit limit without informing them was to safeguard themselves from "reckless usage of the limit", which translates to exposure issue more than Utilisation Ratio issue, which makes absolute sense. Think of it like this, I have a loaded gun & just coz I have not used it till now does not mean I will not recklessly use it in the future ..
Now, tell me this, having a total credit exposure 40L with 2% utilisation ratio & a monthly salary of 1L is more risky for a bank or having a 1L salary with total credit exposure of 2L with even 99% utilisation ratio is more risky ? People with NO income & NO income proof are getting high limits on C2C basis, which is ridiculous ! RBI introduced the Risk weightage Points just for this madness & the subsequent increase in NPAs because of it ..
Maal toh scapia waale ae phukh rahe the !
Finally Bomb Dropped !!
was offered 10L initially then revised to 20L
But this morning, checked around 7 am 93% reduction, 20L to 1.4 L a reduction of 97%
NowSrapiaScrapia will be a baggage I have to carry forever reminding me this reduction and can't cancel else Federal Bank will block me forever 🙁
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