Mumbai, First Published Jun 22, 2022, 9:25 AM IST
The Reserve Bank of India (RBI) has announced that the new credit card rules, which come into effect on July 1, will be implemented in October at the request of various companies.
New rules of the Reserve Bank
If a bank or institution does not activate a credit card within 30 days of issuing it to a customer, the banks or card issuing company must obtain an OTP from the customer and bring it into use.
If the customer is not allowed to activate the credit card, the card must be withdrawn within the next 7 days at no extra charge.
Before raising the credit card cash limit, the customer must obtain permission and raise it. Do not increase the amount without the consent of the cardholder.
The Terms and Conditions for Paying Credit Card Arrears Clearly inform the customer of everything, including the minimum amount to be paid.
In addition, credit card issuers provide clear guidelines for billing and deactivating credit cards. This procedure is applicable to every bank, payment bank, district level co-operative banks, state co-operative banks and non-bank institutions.
Credit card billing dates must begin on the 11th of the previous month and end on the 10th of the current month. A credit card statement will be generated on the 10th of each month. There should be no delay in paying the bill to the credit card. Card issuers must duly notify credit card payments to the customer. The customer must be given up to 14 days to pay. Only then should interest be charged.
Thus, the Reserve Bank said
All of these new rules were due to take effect on July 1st. However, banks and companies have accepted the request and it will come into effect from October
Last Updated Jun 22, 2022, 9:25 AM IST