Publish Date: | Tue, 21 Jun 2022 08:44 PM (IST)
Credit Card Rules: There is news of work for those who have credit cards. The Reserve Bank of India has issued a new directive on the issuance and operation of credit and debit cards. The rules regarding credit cards were to come into effect from July 1. It has been postponed for 3 months. Now the time period for the implementation of the provision has been extended. They will come into effect from 30 September 2022. RBI has taken the decision after the suggestions and requests received from the stakeholders of the industry. The rules regarding credit, debit and co-branded cards will be applicable from October 1.
RBI’s guideline for credit cards
1. Credit Card Closure Request The card-issuer must complete all outstanding payments on behalf of the customer within 7 days. The closure of the credit card has to be intimated to the cardholder through email and SMS.
2. The credit card issuer shall use the helpline, email id, interactive voice response, link, internet banking, mobile app or any other mode to submit the card closure request.
3. The card issuer will not accept the closure request through post office or any other means. If the credit card is not closed within seven days. The customer will then have to pay the issuer a penalty of Rs 500 per day of delay.
4. If the credit card has not been used for a period of more than one year, the card issuer may initiate the process of closing the account after informing the customer. Where there is no response from the cardholder within 30 days, the card account will be closed by the issuer.
5. After the closure of the credit card, the amount available in the account will be transferred to the bank account.
Posted By: Shailendra Kumar