Will be applicable from 1st July
These instructions cover the General and Conduct Rules relating to credit, debit and co-branded cards, which shall be read together with the Prudential, Payment and Take and cyber security instructions applicable to credit, debit and co-branded cards. These instructions will be effective from 1st July 2022.
these are man points
Now let’s look at the main points of the instructions issued by RBI. Card-issuers may issue credit cards/charge cards for personal use, wherever necessary, along with add-on cards. Card-issuers can also issue cards linked to overdraft accounts which are similar to personal loans. Card issuers can issue business credit cards to business entities/individuals for business expenses. Add-on cards will be issued only to those individuals who are specifically identified by the main cardholder under the Personal and Business Credit Card categories.
if you want to close the credit card
Any request for closure of the Credit Card shall be fulfilled by the Credit Card-Issuer within seven working days, provided all dues are paid by the Cardholder. After the credit card is closed, the cardholder will be immediately informed about the closure through email, SMS etc.
interest rate and other charges
Card issuers have been directed to comply with the interest rate instructions on advances issued by the Reserve Bank from time to time, as amended from time to time, while determining the rate of interest on credit card dues. Card issuers shall publicize the interest rates charged to various categories of customers through their website and through other means.
What are the instructions on billing
Card issuers shall ensure that there is no delay in sending/emailing bills/statements and sufficient days (at least a fortnight) to make the payment before charging interest to the customer. The card-issuers shall ensure that incorrect bills are not generated and issued to the cardholders.