RBI issues fresh guidelines for credit card operations
Published on Thu, Jul 24, 2008 at 16:17 | Source : CNBC-TV18
Updated at Thu, Jul 24, 2008 at 16:45
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RBI issues fresh guidelines for credit card operations
The Reserve Bank of India or the RBI has issued fresh guidelines for credit card operations. It has asked to banks not to levy excessive interest rates on credit cards. The RBI has said banks are liable to pay penalty and reverse charges for misuse of unsolicited cards. A credit card holder will not be responsible for misuse of card by others.
The Reserve Bank of India or the RBI has issued fresh guidelines for credit card operations. It has asked to banks not to levy excessive interest rates on credit cards.
It has also asked banks to prescribe ceiling on small advances.
The RBI has said banks are liable to pay penalty and reverse charges for misuse of unsolicited cards. A credit card holder will not be responsible for misuse of card by others.
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