Axis Credit Card A/C Closed & Re-Opened – RBI Violation

A reader of our Advisory Services seek guidance in his case where he closed his Axis Bank Credit Card Account after having it for 5 years and never felt like accessing the credit line. Now Axis Bank has re-opened it and he writes as following seeking guidance under relevant Laws, Rules & Regulations guiding credit […]

StanChart Credit Card Settled – CIBIL Not Updated

A reader of our Advisory Services had paid the full outstanding on his StanChart Credit Card following the steps listed on Credit Card Full and Final Settlement in India. Yet there is deficiency of services from StanChart’s end and he writes about his woes seeking help [80114] I was using Standard Chartered bank credit card […]

Credit / Debit Card Acceptance on Rise as Indian Banks Push POS Terminals

Indians are increasingly spending Plastic Money – using Credit / Debit cards as RBIs favorable regulations has helped develop the Eco-system for Banks & Consumers as well. For Banks, Credit Cards has become a profitable portfolio and thus the race began with private banks beginning to be the end points for sale [POS] transaction which […]

RBI to Penalize Banks for Unsolicited Cards & Actions – Empowers Customers

After Years of Pleading with the Banking Regulator, RBI has finally obliged to our requests made over the last several years to Penalize the Banks for Unsolicited Actions. Indian banks in greed for Profits resorted to unethical business practices of issuing Unsolicited Credit Cards. RBI in its MasterCircular dated 01-Jul-2013 with reference no- RBI/2013-14/60 DBOD.No.FSD.BC.4 […]