RBI new guidelines on credit card issuer bank.RBI issues new guidelines for credit, debit cards.RBI's new rules for credit, debit cards: All you need to know
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Card issuers are banks that issue debit or credit cards and NBFCs which have been permitted by RBI to issue credit cards in India.
The Reserve Bank of India (RBI) has released master directions for credit and debit card issuance in the year 2022. These fresh guidelines will come into effect from July 1, 2022. The guidelines apply to banks excluding payment banks, state co-operative banks, and district central co-operative banks. Also, all NBFCs operating in India should follow the new norms of card issuance.
Take a look at RBI's new guidelines for credit card issuers:
1) Card-issuers shall provide a one-page Key Fact Statement along with the credit card application containing the important aspects of the card such as rate of interest, quantum of charges, among others. In case of rejection of a credit card application, the card-issuer shall convey in writing the specific reason/s which led to the rejection of the application.
2) Banks not to issue unsolicited credit cards or upgrade an existing card without the explicit consent of the customer, failing which they will have to pay double the billed amount as penalty.
3) With regard to recovery of dues from customers, the RBI has asked the issuers to ensure that they and their agents adhere to the fair practices code for lenders
4) With regard to appointment of third-party agencies for debt collection, the card-issuers shall ensure that their agents refrain from actions that could damage their integrity and reputation and observe strict customer confidentiality.
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22 апр 2022
