RBI introduces new rules on credit cards-
The Reserve Bank of India (RBI) on Thursday issued guidelines on credit and debit cards. As per RBI guidelines, if a credit card holder faces delay in closing his account, the bank will have to pay a penalty to that card holder. Besides, the RBI has also tightened the norms for credit cards. The Reserve Bank of India (RBI) in its Master Guidelines on Credit and Debit Cards has strictly prohibited the issuance or upgrading of application cards without prior approval of the Reserve Bank of India (RBI).
Banks will also be fined-
According to the Reserve Bank of India (RBI) guidelines, if a bank issues a debit or credit card without an application, they will have to pay twice the billing amount. The new norms will come into effect from July 1, 2022. Banks as well as banking finance companies will have to follow the rules। The RBI further said that credit or debit card issuers cannot harass customers for recovery of dues. "It is absolutely prohibited to issue or enhance the limit or provide any other facilities without the consent of the customer," the bank said in a statement.
RBI has laid down a set of rules to stop the use of credit cards-
Here are the RBI's rules on how to block your credit card: "The person who wants to discontinue his/her card should be immediately informed about the discontinuation of the credit card by the cardholder through email, SMS, etc," RBI said in a statement. These include helpline, e-mail ID, interactive voice response, links prominently visible on website, internet banking, mobile app or any other mode. Further, all dues should be cleared by the cardholder within seven days subject to payment. Note: The card-issuer shall not insist on sending the request for closure by post or any other means, which may result in delay in receipt of the request. the RBI said, "The card issuer has to inform the credit information company about the closure of the card within a period of 30 days,"