Now the credit card company will not be able to trouble you, from July 1, the new rules of RBI will be applicable

The Reserve Bank of India (RBI) has taken a tough step to stop the arbitrariness of credit card companies. Along with this, RBI has said to make important changes in many rules related to credit cards. In the new guidelines of RBI, the interests of customers have been further strengthened, along with emphasis has been given to make all types of card related charges transparent. After this new rule, the arbitrariness of credit card companies will not work.

Now according to the new guideline, without the consent of the customer, the bank will not be able to issue a credit card in anyone’s name. If this happens, then RBI will take action against such companies. RBI believes that credit card companies issue credit cards lying to the common man for their own benefit. When he is unable to pay the bill, the money is increased by imposing many charges on him. After this, the people of the recovery team of the company behave indecently with the customer. which cannot be tolerated.

According to the new rule, the credit card company cannot threaten the holders to pay the outstanding bill. If any bank does this, then a complaint can be made to the Ombudsman of the Reserve Bank. If the people of the credit card company behave indecently with the customer, then he can go to the court, action will be taken against the concerned.

Also, the bank can be fined for upgrading the credit card or increasing the purchase limit without asking the customer. If the card issuing institution delays even after asking for the card to be closed, it will have to pay a penalty. If the cardholder asks to close the card after paying all the dues, then that institution will have to close the card within 7 days. Otherwise, Rs 500 will have to be paid daily till the day of closing the account.

Also, you cannot compel the card closure information to be sent by post or courier as it takes a long time to reach the application. The Cardholder will be required to inform the Cardholder about the closure of the Card through email or message. The company will have to write the helpline number, e-mail id, IVR, website properly on its website. According to the new rule, credit card issuing banks can call customers only from 10 am to 7 pm.

Banks at the time of issuance of credit cards are very tempting to inform the customers about its features, while the interest and other charges on card payments are not given. According to the new credit card rules of the central bank, before issuing credit or debit cards, banks will compulsorily inform their customers about the interest on the card along with all other types of charges.

One of the complaints of credit card holders is that they do not get proper charge information. In such a situation, while protecting the interests of customers, the Reserve Bank has focused on increasing transparency. According to the new guideline, credit card issuers will have to share detailed information about annual charges. Customers will have to share detailed information regarding charges including balance transfer, retail purchase, cash advance, non-minimum payment, late payment fee and other charges.

So on the other hand, if a credit card is not used for more than one year after issuance, then the bank or institution can close it by giving information to the cardholder. If even after 30 days the cardholder does not respond, then the bank will be able to close that card. Even after the closure of the Adak credit card, if there is any balance in the card of the credit card holder, then it will have to be transferred to the bank account.