17K credit cards issued to wrong customers: ICICI

MUMBAI: A day after the Reserve Bank had banned Kotak Mahindra Bank from issuing new credit cards and also all other online services to onboard new customers citing its poor risk management systems, larger rival ICICI Bank on Thursday voluntarily admitted that as many as 17,000 new credit cards issued in the past few days were erroneously mapped to wrong customers.

The second-largest private sector lender, which is also the third-largest credit card issuer, controlling about 17.6% of the 100-million active credit card market, said: “It has come to our notice that about 17,000 new credit cards were issued in the past few days were erroneously mapped in our digital channels to wrong users. They constitute about 0.1% of our credit card portfolio.”