The Reserve Bank of India (RBI) has revised the rules and regulations of the credit and debit cards which will commence from July 1st, 22. The guidelines are more in favor of customers making them superior to all the card issuing companies. These rules are led by Central Banks.
List of all the changes listed below:
1.) No More Wrong Bills:
From now on it’s the responsibility of the bank or the card issuing company that no wrong bills should be generated and reach to costumers. In case of any grievances, the card issuing company must respond within 30 days and if necessary they have to provide a vailed explanation and proofs.
2.) No Delay in Sending Bills:
Pondering over the importance of time, RBI suggests that there should not be any delay in the dispatch of bills. In addition to that, the RBI suggests that there should be a proper system which will handle the sending of all the bills timely to recipients.
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3.) Closing of Credit Card:
According to RBI, if a customer wants to close or cancel their card services the company should do it within a span of seven days and provide the information via E-mail or SMS. If not then the company have to pay of a plenty of Rs. 500/- in the bank account of the customers each day until the card is closed.
4.) No unsolicited credit cards:
According to new card policies no company can issue a card without the permission of the customer. Even if they upgrade or activate any credit card it should be under the knowledge of the costumers, if not then they will be fined.
5.) Billing Cycle:
The time period during which a credit card bill is generated is known as billing cycle. RBI states that from 1st July the credit card billing will starts on every eleventh day of the previous month and end on the tenth of the current month.
