Citibank and HSBC Violate RBI Norms

Citibank and HSBC have violated RBI norms while dealing with Credit Cards in India. The investigative agency of Governmnet of India [MRTPC] has recommended actions against both the banks. We all know that Credit Card companies in India are worse than underworld financing. Here are some of the serious crimes and offences committed by Citibank and HSBC.

  • HSBC and Citibank purposely delayed sending Credit Card bills to customers so that he had very little time to come up with the money to pay his bill
  • Both the banks purposely delayed collection of cheques made towards cerdit card payments such that they would collect Late Payment Fees from the customer.
  • HSBC and Citbank were doing business in India through DSA – Direct Sales Agents. DSAs are known to make empty promises and latter wash off their hands leaving the consumer in dark. This is exactly what has happened with Venkatesh Bhat, one of the guys CardBhai spoke to.
  • HSBC and Citibank don’t have Toll Free 24/7 Customer Care numbers
  • HSBC and Citibank both failed to provide detailed Terms and Conditions documents so that the customer had no proof when he disputed
  • HSBC and Citibank both had no provisions of providing Terms and Conditions in local language as necessary by the RBI law.

You can write about how your credit card company is cheating on CardBhai Forum or also to RBI and let them know of the Crimes committed by these banks who are here to serve people and not loot them.

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