The Reserve Bank of India (RBI) has changed some rules related to the issuance and operation of credit cards and debit cards.
Reserve Bank of India Credit Card Rules: The Reserve Bank of India (RBI) has changed some of the rules related to the issuance and operation of credit cards and debit cards.
These new rules will be mandatory for all banks and non-banking financial institutions (NBFCs) operating in the country except payment banks, state co-operative banks and district central co-operative banks.
The specialty of the new rules made by RBI is that now banks issuing credit cards and debit cards will not be able to arbitrarily with the customers. In these rules, customers are going to get some relief. Let us know about these rules which will be applicable from July 1 ..
Will have to give money to the card holder
If the card issuing institution delays even after asking for the card to be closed, it will have to pay a penalty. If the cardholder asks to close the card after paying all the dues, then that institution will have to close the card within 7 days.
Failure to do so will result in a fine. Otherwise, Rs 500 will have to be paid daily till the day of closing the account. Also, you cannot compel the card to be sent by post or courier as it takes a long time to reach the application.
information to be given on time
The Cardholder will be required to inform the Cardholder about the immediate closure of the Card through email or SMS. The credit card issuing institution will have to properly mention the helpline number, e-mail ID, IVR, website on its website.
Will be closed for not using one year
If a credit card is not used for more than one year from the date of issue, the bank or institution can discontinue it by informing the cardholder.
If even after this, the cardholder does not respond within 30 days, then the bank will be able to close that card. If there is any balance in the card of the credit card holder even after the closure of the credit card, then it will have to be transferred to the bank account.
