Credit and Debit Rules: The Reserve Bank (RBI) has made some changes in the rules related to credit and debit cards. If you also use debit-credit card, then you should be aware of the new rules.
New Rules: Reserve Bank (RBI) has made some changes in the rules related to credit and debit cards. If you also use debit-credit card, then you should be aware of the new rules. According to the new rule, now the bank can impose penalty only on outstanding dues. Along with this, if the bank renews the card, then permission will have to be taken from the customer first.
Know what has changed here
The rules related to issuing debit-credit cards have been amended. Now banks can impose penalty only on outstanding dues on credit cards. Along with this, RBI has said that there should be a mechanism to monitor the use of funds. Card issuers should have a monitoring mechanism. Along with this, if the bank issues a card for you, then the customer’s consent will have to be taken to renew the card.
Changes were also made on March 6
Earlier on March 6, the bank had decided to change the rules for issuing credit cards. According to the new change, now credit card companies will have to provide many options to the customers. The notification states that authorized card networks tie up with banks/non-banks for issuing credit cards. The choice of network for a card issued to a customer is decided by the card issuer (bank or non-bank) and is linked to the arrangements that the card issuer has with the card network in terms of its bilateral agreements. Are.
Many options should be provided to customers
RBI said in the notification that credit card companies will have to provide many options. Companies will have to provide the option of multiple card networks to customers. RBI said that the arrangement between card networks and companies is not favorable. Companies should enter into agreements keeping in mind the interests of customers. The notification states that card issuers will not make any arrangement or agreement with card networks that prevents customers from availing the services of other card networks. Card issuers will provide their eligible customers the option to select multiple card networks at the time of card selection. Apart from this, it has also been said to give time to the existing cardholders for the next renewal.
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