rbi-rules-credit-cards-india

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

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Axis Credit Card RBI ViolationA 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 card operations in India.

I haven’t used the Axis Bank Credit Card for more that 5 years now during my last discussion with bank, requested them to close the account, which they did. Now bank is saying as per RBI guidelines, they had re-issued the chip card to me, which i

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StanChart Credit Card Settled – CIBIL Not Updated

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StanChart Credit Card SettlementA 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 till year 2008. Bank applied multiple charges and fees and so i decided to close this card. I had word with bank and bank asked me to pay INR 30,000 and assured me that nothing was due on me. They also issues me a letter saying that “Card is closed and nothing is due to me”. Now in 2013 i came to know that bank has updated

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

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Credit card POS Terminals Rise in IndiaIndians 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 helps them keep the 1.65% Merchant Discount Rate they charge to the business establishment.

HDFC Bank began the race for establishing POS terminals and it has reached a whopping 245,842. ICICI Bank has also made a strong

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

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RBI Penalties for Unsolicited CardsAfter 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 / 24.01.011/ 2013-14 has clearly stated that

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