RBI issues new guidelines for credit, debit cards. Key highlights

[minuteman]

RBI issues new guidelines for credit, debit cards. Key highlights

Card issuers are banks that issue debit or credit cards and NBFCs which have been permitted by RBI to issue credit cards in India.

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[mikrotik]

Debit cards shall only be issued to customers having Savings Bank/Current Accounts.



No bank shall issue debit cards to cash credit/loan account holders. However, it will not preclude the banks from linking the overdraft facility provided along with Pradhan Mantri Jan Dhan Yojana accounts with a debit card.

This makes slice and other such cards illegal?

 

[Xposed]

Those BNPL CARDS are treated as credit cards afaik

 

[mikrotik]

Nop, they are consumer loans.

 

[Sushubh]

Started getting alerts from banks about cards that haven't been used in last 12 months.

 

[mikrotik]

Yea got a message for my mother's card as well

 

[Navjot Singh]

India's new credit card rules: How will they affect cardholders?

The Reserve Bank of India (RBI) announced new criteria for the issuance of credit and debit cards in April this year

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Credit card issuers will need to obtain consent from cardholders from now on.If a cardholder has not activated their credit card for more than 30 days after issuance, issuers must obtain One Time Password (OTP)-based consent before activating the card.

Earlier, cardholders simply received a message when their credit limit increased. From October 1, their express permission will be required before the issuer increases the sanctioned and advised credit limit.

The new credit card rules will make it mandatory for the card issuer to specify the terms and conditions for payment, including minimum payment.This is to prevent negative amortization (an accounting technique used to lower the book value of a loan over a set period of time).Also, issuers cannot capitalize unpaid levies, charges/taxes for the purpose of charging or compounding interest.

 

[Xposed]

I don't know what to think of this, I am really confused I think it is beneficial but still doubt the implementation

 

[Sushubh]

Credit Card Payment Rule: RBI Allows Three Days Post Deadline To Clear Dues

The Reserve Bank of India (RBI) has instructed banks and credit card issuers that they may only impose late penalties three days after a payment is missed.

www.news18.com