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India's ICICI Bank reportedly has begun informing customers that their credit card-spending limits are being reduced. The bank declined comment to CardLine Global, but the Times of India reports that some customers were informed about the reduced limits via text messages late last week. Other issuers in India, including HDFC and Standard Chartered, also have reduced credit card limits in recent months. Falling incomes, along with the global economic recession, have led Indian issuers to tighten credit lines, Prathima Rajan, a banking analyst for United States-based research firm Celent, tells CardLine Global. India has some 25.5 million credit cards in circulation, the country's central bank says. ICICI has issued at least 7 million credit cards.
