MasterCard to share defaulters details

The India Co-operation Committee (ICC) of MaterCard International is proposing to expand its negative file.

The negative file contains the database of delinquent defaulting cardholders, which it is aiming to share with members and non members. ICC is an interactive forum of MasterCard issuing banks in India.

According to Nitin Gupta, vice-president and general manager, south Asia, MasterCard International, ICC will hold its quarterly meeting with the member banks tomorrow where the possible modalities of sharing such information is likely to be discussed.

The meeting will also discuss the need for any legal provision required to be put in place for sharing the negative file with non members like mobile companies. However the company is yet to decide whether to enter into such a partnership at all, said Gupta.

Gupta was talking to the reporters on the sidelines of the launch of HDFC Bank MasterCard Side Card, a multivariant credit card targeting different cardholder profiles through stylish designs and unique privileges.

Besides, negative file, ICC meeting will also discuss the introduction of introducing cards with innovative technology.

The Side cards will be issued with the original credit cards in two forms: Women Card and Youth Card. The Side cards will be available at additional price of Rs 99 with the main card. But it cannot be used for withdrawing money through ATMs.

The features of Women's Side card include free household insurance worth Rs 1 lakh and various deals through tie up with Panasonic, Hidedesign, McDonalds, and Jaipan among others. The special features of the Youth Side card include insurance worth Rs 10,000 and variuos other deals.