The Reserve Bank of India (RBI) has published a new notification for Credit Card Users, The RBI new guidelines will be effective from 1st March 2023.
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| Reserve Bank of India New Guidelines For Credit card User Benefit |
The Reserve Bank of India new guidelines implemented on Credit Cards, So the persons who are using credit cards should know the new rules for their personal benefit.
The new rules will be applicable to every Scheduled Bank and all Non-Banking Financial Companies (NBFCs) operating in India which are dealing with credit card business.
Take a look at important new rules relating to credit cards.
>> A Credit Card holder is not liable to pay any hidden charges to the Credit Cards issuer agency when credit card issued to users.
>> Card issuer agency cannot upgrade credit card or increase credit limits without consent of user.
>> If required to reduce credit card limits by issuer agency then the same shall be intimated to the card users.
>> As of new RBI guidelines the card issuer cannot use any threats, harassment or humiliation at the time of debt collection.
>> If any credit card user wants to close the card, it will be done within seven working days by the credit card issuer if card user cleared all outstanding amount before putting request to close the credit card or clear all outstanding amount within seven days of credit card closing process. If the credit card issuer fail to do so, it will pay a penalty of Rs 500 per day of delay to the credit card customer. No extra charges will be charged from the customer for closing the credit card account.
Along with all above strict adherence of RBI rules, cardholders will be offered multiple channels for closing their credit card account. The channels include e-mail, Interactive Voice Response (IVR), Customer helpline number, Internet Banking, Mobile Banking or other means of easily approachable mediums.
>> In case a credit card is not used for more than a year, it will be closed by the issuer. The card user will be intimated before the termination of the credit card. If the card user does not respond within 30 days, then card account will be closed.
>> If credit amount is remaining after credit card closed, then the amount will be transferred to the cardholders bank account,