ICICI provided 17K credit cards to incorrect clients

Larger rival ICICI Bank voluntarily admitted on Thursday that up to 17,000 new credit cards issued in the previous few days were mistakenly mapped to the wrong customers. This came a day after the Reserve Bank had prohibited Kotak Mahindra Bank from issuing new credit cards and also from all other online services to onboard new customers, citing its inadequate risk management systems.

The second-largest private sector lender, which also happens to be the third-largest credit card issuer with roughly 17.6% of the 100 million active credit card market, made the following announcement late on Friday night to The New Indian Express: “We have discovered that approximately 17,000 new credit cards that were issued in the last few days were mistakenly mapped in our digital channels to incorrect users.” They make up around 0.1% of our portfolio of credit cards.