New Delhi: The banking ombudsman in India has stated that of a total of 34,499 complaints received 7,669 have been credit card related thus making it one of the highest areas in which consumers raised their grievances. Two major credit card issuers in India the ICICI Bank, and SBI Cards have been forerunners in all credit card complaints. SBI Card, a joint venture between the State Bank of India (SBI) and GE Money topped the list with the banking ombudsman receiving as much as 2,654 complaints against the issuer. SBI Cards is the second largest credit card issuer in India.
Icici, the leading private sector entity, which incidentally is also the largest issuer of credit cards in India followed closely with 1,451 complaints filed against the bank. Most of the complaints include using coercive and strong tactics to recover money, charging of excessive interest rates, charge backs where a customer is not willing to wait for 45 to 60 days for the completion of investigations of a disputed transaction, insurance-related charges on credit cards, misuse, stealing or loss of cards and fraudulent transactions, which are pretty serious. A senior RBI official said, "Almost 90 per cent of the cases that come to the ombudsman are awarded in favor of the customers."
The banks however have their own versions. While a SBI Cards official maintained that the numbers do not give the right picture because these include all cards related complaints including debit cards, Sachin Khandelwal, the ICICI Bank credit cards head said "For a bank having a total base of 9.5 million cards and more than 219.75 million transactions a year, a complaint number of 1,451 works out to around 0.19 complaints per thousand customers.''
Banking ombudsman comes into the picture when a customer is not able to resolve the matter with the bank. The Banking Ombudsman Scheme, 2006 enables resolution of complaints of bank customers relating to certain services rendered by banks. A Banking Ombudsman is person appointed by the RBI to redress customer complaints against certain deficiency in banking services. This scheme came into force from January 1, 2006
Cash deposit ratio of Icici is more than sbi.Total debt to owners fund is greater in sbi as compared to icici.Financial charges coverage ratio & post tax financial charges coverage ratio is greater for Sbi than Icici.
LEVERAGE RATIOS
Current ratio is greater for Icici whereas Quick ratio are not in much variance.
CASH FLOW INDICATOR RATIOSid
Dividend payout cash profit ratio is greater to sbi by 12.09 in 2007 of sbi,8.52 in 2008 & 9.87 in 2009.Dividend payout net profit is invariance 13-14% greater for Icici.Cash retention ratio & cash earning retention ratio are invariance greater to icici as sbi statistics.Adjusted cash flow times is greater for Sbi by 23-26%than Icici.Moreover,EPS of sbi is greater than icici in 2007 by 51.7,69.19 & 109.89 in 2008 & 2009.Book value of SBI is higher ti Icici in 2007,2008,2009 by 467.56,359.01 & 324.32.
IINDEX ANALYSIS OF SBI INDIA
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| Capital and Liabilities: |
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| Total Share Capital | 100 | 100 | 100 | 199.82 | 206.3 |
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| Equity Share Capital | 100 | 100 | 100 | 199.82 | 206.3 |
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| Share Application Money | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
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| Preference Share Capital | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
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| Reserves | 100 | 151.7 | 306.9 | 1055.61 | 1434.09 |
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| Revaluation Reserves | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
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| Net Worth | 100 | 148.3 | 300.19 | 1036.9 | 1407.25 |
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| Deposits | 100 | 35.4 | 186.55 | 464.12 | 1021.73 |
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| Borrowings | 100 | 597.2 | 1069.57 | 1696.34 | 1799.87 |
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| Total Debt | 100.00 | 163.33 | 123.04 | 152.53 | 1060.38 |
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| Other Liabilities & Provisions | 100 | 120.1 | 211.04 | 681.4 | 1232.75 |
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| Total Liabilities | 100 | 173 | 231.9 | 568.9 | 1097.12 |
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| Assets |
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| Cash & Balances with RBI | 100 | 288.05 | 729.6 | 2065.6 | 2304.28 |
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| Balance with Banks, Money at Call | 100 | 117.5 | 116.9 | -129.2 | 1170.31 |
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| Advances | 100 | 292.8 | 666.89 | 1059.39 | 1680.69 |
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| Investments | 100 | -175.36 | -243.27 | -138.5 | 400.08 |
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| Gross Block | 100 | 109.6 | 204.87 | 343.33 | 554.7 |
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| Accumulated Depreciation | 100 | 154.7 | 308.7 | 421.53 | 659.5 |
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| Net Block | 100 | 137.52 | 139 | 218.44 | 387.35 |
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| Capital Work In Progress | 100 | -341.7 | 162.48 | 931.7 | 1172.3 |
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| Other Assets | 100 | 216.97 | 375.27 | 1415.188 | 1051.7 |
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| Total Assets | 100 | 173,9 | 231.97 | 568.93 | 1097.126 |
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| Contingent Liabilities | 100 | 460,64 | 976.2 | 4695.06 | 3680 |
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| Bills for collection | 100 | 286.2 | 572.04 | 1090.7 | 2414.82 |
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| Book Value (Rs) | 100 | 148.36 | 300.18 | 697.6 | 995.5 |
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INDEX ANALYSIS OF ICICI INDIA
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| Capital and Liabilities: |
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| Total Share Capital | 100 | 140.86 | 149.61 | 345.92 | 346.48 |
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| Equity Share Capital | 100 | 207.77 | 220.68 | 510.25 | 511.08 |
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| Share Application Money | 0.02 |
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| Preference Share Capital | 100 | 100 | 100 | 100 | 100 |
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| Reserves | 100 | 804.43 | 982.01 | 2839.5 | 3098.78 |
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| Revaluation Reserves | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
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| Net Worth | 100 | 748.53 | 911.88 | 2629.4 | 2866.9 |
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| Deposits | 100 | 653.82 | 1309.28 | 1448.74 | 1187.44 |
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| Borrowings | 100 | 148.38 | 528.001 | 957.05 | 1006.99 |
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| Total Debt | 100 | 526.66 | 1112.77 | 1325.07 | 1142.05 |
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| Other Liabilities & Provisions | 100 | 179.08 | 786.7 | 1004.81 | 1044.59 |
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| Total Liabilities | 100 | 499.4 | 1055.7 | 1384.56 | 1262.33 |
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| Cash & Balances with RBI | 100 | 408.11 | 1948.33 | 3630.1 | 1763.84 |
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| Balance with Banks, Money at Call | 100 | 230.9 | 1796,39 | 315.6 | 887.63 |
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| Advances | 100 | 599.06 | 1142.7 | 1468.3 | 1388.38 |
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| Investments | 100 | 417.13 | 807.53 | 1207.56 | 1041.26 |
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| Gross Block | 100 | 180.1 | 139,8 | 273.33 | 347.11 |
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| Accumulated Depreciation | 100 | 336.27 | 596.6 | 967.65 | 1448.28 |
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| Net Block | 100 | -14 | -28 | 17.5 | -58.5 |
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| Capital Work In Progress | 100 | 536,2 | 969.4 | 0.00 | 0.00 |
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| Other Assets | 100 | 437.4 | 873.03 | 1364.1 | 1776.6 |
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| Total Assets | 100 | 499.4 | 1055.7 | 1384.56 | 1262.33 |
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| Contingent Liabilities | 100 | 229.6 | 815.79 | 2812.3 | 7245.4 |
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| Bills for collection | 100 | 532.61 | 1317.21 | 1996.5 | 2741.3 |
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| Book Value (Rs) | 100 | 464.92 | 587.1 | 1451.65 | 1613.26 |
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