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RBI Guidelines: RBI made new rules for credit-debit cards! Cardholder will get ₹ 500 per day

Credit Card New Rule: There is important news for those who have credit cards. RBI has issued instructions on the issuance and operation of credit cards and debit cards. As per RBI instructions, the card issuing bank will have to pay a penalty to the cardholder for delay in closing the credit card account. Let us know the instructions of RBI in detail.

Let’s know the rules of RBI

1) The request for closure of the credit card must be completed by the credit card-issuer within seven days subject to payment of all dues on behalf of the cardholder.
2) The closure of the Credit Card should be immediately informed to the Cardholder through email, SMS. 
3) Helpline, e-mail-id, Interactive Voice Response (IVR), prominently visible link on the website, internet banking, mobile-app or any other for submission of request for closure of credit card to the credit card issuer mode must be used.
4) The card issuer will not accept the closure request by post or by any other means.

5) If the card issuer does not close the credit card within seven days, he will be liable to pay a late penalty of ₹500 per day to the customer, provided there is no balance in the account.
6) If the Credit Card has not been used for a period exceeding one year, the Card Issuer may initiate the process of closure of the Credit Card Account after notifying the Cardholder. 
7) Not only this, if there is no response from the Cardholder within a period of 30 days, the Card Account will be closed by the Card Issuer.
8) After the credit card account is closed, any credit balance available in the credit card account will have to be transferred to the cardholder’s bank account.
9) The bank-company will have to give other key information including the interest rate, fee and other details related to the card on a separate page along with the application form. 
10) The bank or company may also give the option of insurance to the customer so that the money can be recovered in case of card loss or fraud.

In this situation, banks will be fined double

According to the information given by the RBI, now if someone has issued a credit-debit card without applying, then banks will be fined twice. Now card issuing companies or third party agents cannot harass customers for recovery of dues. These guidelines will be applicable from July 1, 2022 and will be effective on all types of banks. 

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