ICICI Bank Demands Rs 100 Crore from Fintechs for Alleged Merchant Misclassification
· rediff.com
ICICI Bank is seeking recoveries of at least ₹100 crore from fintech firms, alleging merchant misclassification of their business, a practice that has eroded the bank's interchange income. The dispute, lodged with global card network Visa, highlights growing discomfort among banks and intensified scrutiny from the Reserve Bank of India.
ICICI Bank is aggressively pursuing Rs 100 crore in recoveries from fintech firms, alleging widespread merchant category misclassification that has significantl...