RBI framed a new set of rules for debit and credit cards...
RBI framed a new set of rules for debit and credit cards...
The Reserve bank has issued a master circular on the issuance of debit and credit cards to banks and non-banking companies. In which there are many important things in terms of the well-being of the customers and the functioning of the banks.
What is a master circular?It has been said in the master circular that banks will have to tell important things like interest rates, and charges on one page. With this, the bank will tell the customer the reason for rejecting the card application. At the same time, customers will have to send information on changing the terms of the card.
Insurance cover against card fraudThe RBI circular further states that banks will be able to provide insurance cover to the customer on card fraud. Banks will not issue or upgrade bank cards without the consent of the customer. If the card is given without asking, then double of the charged charge will have to be returned. On the other hand, if the card issued without asking is misused, then the banks will bear the loss.Easy to close credit cardOn receipt of the application for closure of credit card, it has to be closed within 7 days. For not closing within seven working days, a penalty of Rs 500 will be payable daily.
The Reserve bank has issued a master circular on the issuance of debit and credit cards to banks and non-banking companies. In which there are many important things in terms of the well-being of the customers and the functioning of the banks.
What is a master circular?It has been said in the master circular that banks will have to tell important things like interest rates, and charges on one page. With this, the bank will tell the customer the reason for rejecting the card application. At the same time, customers will have to send information on changing the terms of the card.
Insurance cover against card fraudThe RBI circular further states that banks will be able to provide insurance cover to the customer on card fraud. Banks will not issue or upgrade bank cards without the consent of the customer. If the card is given without asking, then double of the charged charge will have to be returned. On the other hand, if the card issued without asking is misused, then the banks will bear the loss.Easy to close credit cardOn receipt of the application for closure of credit card, it has to be closed within 7 days. For not closing within seven working days, a penalty of Rs 500 will be payable daily.