ICICI Bank Reports No Misuse Of 17,000 Wrongly Mapped Credit Cards

ICICI Bank Ltd. on Thursday said that nearly 17,000 new credit cards have been erroneously mapped to the wrong users on digital channels. The bank has blocked these cards and issued new ones to customers, it said.

This comes a day after the Reserve Bank of India took action against Kotak Mahindra Bank Ltd., asking it to cease and desist the issue of fresh credit cards and the onboarding of new customers through its online and mobile banking channels.

The wrongly issued cards constitute about 0.1% of the bank’s credit card portfolio, the second largest private sector lender said in an official statement on Thursday. There was no misuse from the wrongly issued cards, the bank said.

"It has come to our notice that about 17,000 new credit cards, which were issued in the past few days were erroneously mapped in our digital channels to the wrong users," a bank spokesperson said in a statement.

The bank has also promised to compensate users if they have incurred any financial loss. "However, we assure that the bank will appropriately compensate a customer in case of any financial loss," it said.