More than one in three credit card are being approved in a day: CIBIL

For instance, only 14 per cent of cards were being approved in a day in the first quarter of 2014-15. However, this rose to 37 per cent by the end of the fourth quarter of 2016-17

Indian banks are becoming more prudent about customer experience as more than one in three credit card applications are getting approved in a day, said Satish Pillai, chief executive officer and managing director of credit information agency Transunion CIBIL.

Speaking at the second edition of the Digital Lenders Association of India conclave in Mumbai, Pillai said the banking system was receiving more than 14 million unsecured loan applications each month and 40 per cent of the applicants were new customers. 

He said even though access to credit was improving, the experience necessarily was not even because banks had made some strides in