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Indian financial authorities are growing increasingly concerned about the danger of credit card defaults, officials of the Reserve Bank of India, the country's central bank, said last week. The financial institution says the number of credit cards with outstanding balances reached 27.2 million in June, up 11.5% from 24.4 million in June 2007. In a statement, the bank says it has "default" concerns because of the increasing number of credit cards with outstanding balances. V Leeladhar, deputy governor of the bank, said issuers should conduct better reviews of cardholder applications to help resolve the problem. Bank officials offered no immediate comment to CardLine Global.
