ICICI Bank Erroneously Maps 17,000 Credit Cards to Wrong Users
ICICI Bank, India's second largest private sector lender, acknowledged on Thursday that approximately 17,000 newly issued credit cards were mistakenly assigned to the wrong users in its digital channels. The bank emphasized that no instances of misuse have been reported due to this error and assured customers of compensation in case of any financial loss.
The erroneous mapping came to light after social media chatter surfaced regarding the issue. The bank promptly rectified the error, ensuring that old users could no longer access details of newly acquired credit card customers. Experts believe the chances of unauthorized transactions are minimal, as Indian online websites typically require a one-time password sent to the new customer's mobile phone for any transaction.
ICICI Bank clarified that the affected cards represent only 0.1% of its total credit card portfolio. All impacted cards have been blocked, and customers will receive new cards. The bank reiterated that no misuse of these cards has been reported, but assured customers of appropriate compensation in case of any financial loss.
This incident comes amidst heightened regulatory scrutiny of financial institutions. Just a day prior, the Reserve Bank of India imposed severe business restrictions on Kotak Mahindra Bank for lapses in regulatory compliance.