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If the bank refuses to close the credit card, then it will have to pay a fine of Rs 500 every day!

Credit/Debit Card Rules: The central bank i.e. Reserve Bank of India (RBI) has issued new guidelines for issuing credit cards and debit cards for banks and companies. All these guidelines will be implemented from July 1, 2022. It is important to note that all public sector nationalized banks and non-banking financial institutions (NBFCs) will have to follow these rules made by RBI. At the same time, this new guidelines will not be applicable to State Co-operative Banks, District Central Co-operative Banks and Payment Banks.

Big relief to customers
The central bank has tried to give relief to the customers through these new guidelines. In the last few years, there have been many such cases when companies have been arbitrary after issuing credit and debit cards. Now RBI has taken strict steps to stop this. Many times customers complain that the company is often arbitrary in closing the credit card and debit card. Due to the delay in closing the card, the customers have to pay huge fines at times. In such a situation, now RBI has made it mandatory to close the credit and debit cards within 7 days on the request of the customer. Failure to do so will result in a penalty of Rs 500 per day.

Card closure information will have to be given on email and mobile
According to the new guidelines of RBI, if a cardholder pays all the bills, then the company or bank will have to close the card on the request of the customer within 7 days. For not doing so, after 7 days, the bank will have to pay a fine of Rs 500 per day to the customer. Along with this, the bank will have to send the information about the closure of credit and debit cards to the customer on the registered mobile number and email id at the earliest.

For this reason the customer’s credit card can be closed
Let us tell you that RBI has also directed that if a person does not use the credit card continuously for one year, then in such a situation the bank can close his card. But, before doing so, the bank will inform the customer. If the customer does not respond or does not use the card within 30 days of sending the message, then in such a situation the bank can close the customer’s credit card.

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