The Indian Banking Regulator – RBI publishes Master Circular for Credit Card Operations in India binding on the Banks / Financial Institutions. However, there are lot of shortcomings in the Notification especially when it comes to Late fees / Over Limit Fee levy. RBI without going into the details just asks the Bank to be Fair in its Practices and give Unilateral Powers to Banks without approving Card Members Agreement which changes quite often at the will & wish of the Bank. Most Banks Like HDFC & ICICI use Algorithms to maximize profits and this leads to Grievance in which Consumers are always at the receiving end. Let us discuss this with a case study of our reader who has enlightened his plight of
Read moreWhy Can’t RBI Have Clear Laws on Late Fees / Over Limit Fees ?