A moratorium had been imposed by the Reserve Bank of India in March which was further followed by the imposition of a worldwide lockdown in the issuance of the Covid 19 pandemic which led to a standstill of the issuance of the Credit Card business and the business was scaled down for the time period. Further in October 2020 a boost had been seen in the issuance of credit cards for the consecutive months of October and November.
A new provision of credit cards has not yet started. New credit card applications are continually being analyzed the subject to the criteria of income verification, address verification, credit history and score, and contact point before the credit card has been provisioned. Those who turn up to Yes Bank with an impoverished credit history are just often secured credit cards which further could be used up against a Fixed Deposit with a Bank. The spending limit for these secured cards will be capped at around 75 percent of the FD Limit which would further lead to a better credit score over a period of time.
On a recent basis, Yes Bank had instituted the facility of allowing their credit cardholders to share their reward points with their family members who also tend of being using the same very bank credit cards. The reward points could even be used to pay the credit card bills and further the customers in the coming time would even be able to vindicate their reward points at shops.
People who do not have an account with Yes Bank are even encouraged to purchase a credit card and at present the monthly purchase of 50 percent is external. The further monthly purchase could even be extended to the verge of about 60-65 percent. Yes Banks credit desk is also well provided in order to take care of the new credit card applicants and which further gives them the confidence to issue credit cards with confidence.