According to many applicants who called up this newspaper, both banks have refused applications despite income from dividend income/other income of many women is more than Rs 5 lakh per annum. ``I've substantial share holdings in well-known public limited companies and dividends from these companies exceed Rs 7 lakh this year, which is many times the minimum specifications for even the highest rated cards. Yet, both banks have rejected applications saying that the primary card applicant cannot be a housewife,'' said Rajita Shah, a Mumbai-based housewife.

Inquiries by this newspaper revealed that other foreign banks, Citibank (which is famous for its `recovery' agents) and HSBC (which is toeing Citibank's line on recovery) are also denying credit cards to Indian women. Incidentally, these banks are not implementing the same policy in their home countries where regulators are strict and competition is fierce.When contacted, a Standard Chartered spokesman said that the bank is offering cards to only those applicants who have a repayment capacity. ``We cannot offer cards to those who cannot pay back their dues,'' said D Chakraborty of Stanchart.

This is not the first time the foreign banks are accused of rejecting credit cards based on their whims and fancies. In fact, among the foreign banks' `black list' of automatic rejection, employees of the Reserve Bank of India and journalists are the toppers.

``As the Reserve Bank of India's regulations and monitoring are extremely shoddy, foreign bankers are having a great time in India... the same banks are offering far better services in the US and Western Europe,'' said a Bangalore-based businessman in a letter to this newspaper. The RBI was also caught napping when the credit card companies unleashed goons to catch the defaulters and take law into their hands.

According to a reader, his wife's application has been rejected as dividend income was not included in income subject to income tax. Thus, the gross total income shown in the income tax return for the past two years does not include the dividend income. ``I have explained this to the card agencies and enclosed copies of the "Memoranda of Dividend" provided by the companies with their dividend cheques. I have also offered to have the income certified by a Chartered Accountant. Yet, both Standard Chartered and American Express said that they are sorry because the applicant is a housewife,'' he said.