A report by the Credit Information Bureau of India (Cibil) shows that the credit card industry is bouncing back after the global financial crisis that begin in 2008. Credit card defaults are dropping and the average credit score is rising. The percent of cardholders with an average score at or above 800, rose by 39% from 2008 to 2011. Credit scores in India are a ranking created by Cibil and range from 300 to 900.
Another encouraging sign is the drop in non-performing assets. The percentage of cardholders who did not meet their payment requirements for more than 90 days dropped 1.2% from the fourth quarter of 2010 to the fourth quarter of 2011.
Card companies are also looking more closely at who accept for new credit cards. Kadambi Narahari, CEO of SBI Cards, states that it charges an annual fee to weed out serious users from the non-serious ones.