Jet Airways grounds its fleet; JPMiles left in limbo
The India Points Devaluation Index
FY2020: what the programmes took
April 2019 – March 2020, closed and frozen. 17 dated changes to Indian card and loyalty programmes, each one sourced, each one on the tracker. This page is the arithmetic over them — and the ₹ line underneath, which is deliberately the more conservative of the two.
the denominators, and what this edition cannot see fold that back up
Method v1.0 · window 2019-04-01 to 2020-03-31 inclusive (2019-03-31 exclusive) · the method · the series
FY2020 · April 2019 – March 2020 · cut share
63.1%
9 cuts against 8 gains — 21.0 severity points against 12.3, at the weights this desk publishes. One cut every 40.7 days across the period's 366.
17
changes logged — the share's denominator
₹0
on 10,000 points in each of 41 currencies
0
currency-moves quantified (0 event · 0 re-mark)
7
of the changes were outright devaluations
- Two denominators, and they are not interchangeable. The share counts events: one change is one event however many currencies it moved. The rupee line counts currency-moves against a basket of 41 currencies. Nothing on this page mixes them.
- 123 currencies are excluded from this edition's basket because this desk had not indexed them when the period opened on 2019-04-01. They are left out and counted, never interpolated — a value we did not hold is not a value we can average.
- The window is bounded by EFFECTIVE dates. A change announced inside this period but landing after it belongs to a later edition; the ones that did are listed at the bottom of this page so the gap is visible rather than silent.
What a point was worth, before and after
Every currency in this edition's basket whose ₹-per-point house value changed inside the window. "Event" means a dated tracker change moved it; "re-mark" means this desk re-priced it — an FX peg drifting, or a re-anchoring against consensus — with no single event behind it. Cards and routes are exposure CONTEXT, printed so you can re-weight by hand; the index itself weights every currency once.
No currency in the basket carried a quantified ₹-per-point move in FY2020. That is not a claim that nothing was devalued — 9 cuts landed in this period. It is the honest limit of the value line: the archive carries a dated ₹ mark only where a change was QUANTIFIED against a source, so a devaluation nobody could price reads as flat here and counts in full in the share above.
Every change in the window
All 17 of them, in the order they took effect, with the severity weight each contributed to the share above. Cuts and gains both — an index that counted only the cuts could only ever go one way, which is propaganda, not measurement. Each row links to its bracket on the tracker, where the source lives.
devaluation 7fee 1partner 1buff 2launch 6
Vistara finally leaves India, opens Club Vistara to global miles
Club Vistara nearly doubles the cost of a Business class upgrade
Axis Bank Launches Magnus, a Metal Card to Rival Infinia
Etihad Guest kills its Royal Air Maroc mileage sweet spot
Citi India guts reward earning on utilities, insurance, and tax
Taj InnerCircle flattens point values, axes a Platinum perk
HDFC Diners Club Black stacks on Prime, Zomato Gold, MMT Black
JetPrivilege drops the Jet, relaunches as InterMiles
Accor scraps Le Club, soft-launches ALL - Accor Live Limitless
Government fires the starting gun on Air India's second sale attempt
Marriott's 2020 category shake-up moves 1,686 hotels up, only 499 down
the other 5 changes in FY2020
Amex India strips Membership Rewards points off EMI purchases
SBI Cards lists on Dalal Street in India's first card-issuer IPO
World of Hyatt bolts on peak pricing, dings Grand Hyatt Kochi
Hilton becomes the first hotel chain to freeze status and points
RBI lets banks freeze credit card EMIs, but the meter keeps running
Announced here, landed later
Nothing in the archive was announced inside FY2020 with an effective date after it — or, more precisely, nothing whose announcement date a source actually stated. The desk records an announcement date only where a document carries one; on most rows it is honestly absent, so this list is a floor like everything else here.
How this edition was computed
The share. Every change in the window contributes its published severity weight — major 3, moderate 1.5, minor 0.6 — to the cut side or the gain side, using the same classifier the tracker's seismograph draws with. Cut share is cutLoad ÷ (cutLoad + gainLoad): here, 21.0 ÷ (21.0 + 12.3) = 63.1%.
The basket. 10,000 points of every currency this desk could value on the day the window opened — 41 of them, worth ₹4,06,000 at the open and ₹4,06,000 at the close. The basket is fixed at the open, so a currency indexed mid-period cannot move a number that is supposed to measure the market rather than our coverage.
The whole method is frozen and published at /devaluation-index/method, version 1.0 — including the two weighting schemes it refuses, why fees are in the share and out of the rupees, and the known limits of the classifier. The inputs are data/changelog.yaml and data/valuation-history.yaml, and the series is served as JSON.