Citi announces exit from Indian consumer banking
The India Points Devaluation Index
FY2022: what the programmes took
April 2021 – March 2022, closed and frozen. 21 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 2021-04-01 to 2022-03-31 inclusive (2021-03-31 exclusive) · the method · the series
FY2022 · April 2021 – March 2022 · cut share
38.6%
9 cuts against 12 gains — 16.2 severity points against 25.8, at the weights this desk publishes. One cut every 40.6 days across the period's 365. Among the 4 financial years in this archive carrying at least 20 logged changes, FY2022 ranks #4.
21
changes logged — the share's denominator
₹0
on 10,000 points in each of 44 currencies
0
currency-moves quantified (0 event · 0 re-mark)
6
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 44 currencies. Nothing on this page mixes them.
- 120 currencies are excluded from this edition's basket because this desk had not indexed them when the period opened on 2021-04-01. 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 FY2022. 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 21 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 6fee 3partner 4buff 4launch 4
RBI bars Amex and Diners Club from onboarding new customers
AU becomes the first small finance bank to deal credit cards
RBI bars Mastercard from issuing any new cards in India
BA devalues Avios on Cathay Pacific and JAL short-haul awards
RBI lifts HDFC Bank's credit-card issuance ban
Amex delinks Taj Epicure dining plan from InnerCircle status
Federal Bank deals its first own cards — Celesta on top
Hilton Honors rolls 2021 status and nights straight into 2022
HDFC Infinia goes metal-only, fee waiver spend hurdle jumps 25%
Marriott Bonvoy extends 2021 elite status a further 12 months
Vistara and Lufthansa launch reciprocal frequent-flyer deal
the other 9 changes in FY2022
Air India returns to the Tata Group
Axis Magnus adds its legendary 25k-point monthly milestone
Axis Bank launches Atlas, its dedicated air-miles card
OneCard tolls app-routed rent and caps the fuel waiver
Pinnacle's cash redemption cut from ₹1 to ₹0.75
IHG One Rewards overhauls tiers, doubles Gold night requirement
Qatar Airways Privilege Club ditches Qmiles, adopts Avios
Marriott Bonvoy scraps award charts for dynamic pricing
Axis Bank agrees to buy Citi India's consumer banking arm
Announced here, landed later
Nothing in the archive was announced inside FY2022 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, 16.2 ÷ (16.2 + 25.8) = 38.6%.
The basket. 10,000 points of every currency this desk could value on the day the window opened — 44 of them, worth ₹4,27,500 at the open and ₹4,27,500 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.