Master Direction – Credit Card and Debit Card – Issuance and Conduct Directions, 2022
RBI’s has issued Directions on April 21, 22 regarding CONDUCT OF CREDIT CARD BUSINESS along with GENERAL GUIDELINES FOR CREDIT AND DEBIT CARDS.
RBI guidelines/directions have come at a time when the card issuers are engaged in all-round mis selling of cards, leading customers to a debt trap . Media is full of stories of exploitation by the unscrupulous card issuers.
Now an attempt has been made to rein in such Banks, Non-Banking Financial companies(NBFCs) and other card issuers. Under RBI’s consolidated Directions, violations of basic norms now invite penalties and fines.
Harassed customers can now approach Banking Ombudsman and claim suitable compensation for the same.
As these important guidelines for worried customers are couched in overtly technical language of 26 pages, we thought if fit to upload a short video in a simple language that anyone can understand.
The video covers some of the guidelines helpful to the card holders.
Complete RBI circular: Master Direction – Credit Card and Debit Card – Issuance and Conduct Directions, 2022-
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