The Reserve Bank of India (RBI) issued new guidelines regarding the issuance of credit and debit cards on April 21, 2022. These include new rules regarding credit card closure, payment, billing, etc.
Provisions relating to credit cards under the RBI (Credit Card and Credit Card - Withdrawal and Conduct) Guidelines, 2022 will apply to all Scheduled Banks (excluding Payment Banks, State Co-operative Banks, and Central Bank Bonds Banks) and all Non-Profit Banks Banking Companies (NBFCs) operating in India. These Credit Card billing rules will be effective from 1 July 2022.
Credit card payment cycle
The payment cycle is the time frame in which credit card debt is generated. Your payment cycle will start on the 11th of last month and end on the 10th of the current month if your credit card statement is produced on the 10th of each month.
No delays in the payment statement
Credit card issuers must ensure that debts/statements are sent, and emailed promptly and that the buyer has a sufficient number of days, at least one week to pay before interest is charged, by the RBI's strict guidelines.
The RBI issued guidelines to avoid repeated complaints about invoices late, the card issuer may raise credit card issuance and online/mobile bank account statements with the approval of an experienced cardholder. Card issuers must use a system to ensure that the cardholder receives a payment statement. " Card issuers must ensure that no bad credit is generated and distributed to cardholders. If the cardholder disputes the bill, the card issuer must inform the cardholder and, if appropriate, written proof to the cardholder within 30 days from the date of the appeal. The cardholder disputes for "fraud" will not be charged until the problem is resolved.
Option to change payment cycle
For all credit cards issued, card issuers follow a standard payment cycle. To enable flexibility in this area, cardholders will be given a one-time option to change their credit card payment cycle at will.
Cardholder authorization is required to increase the credit limit
Credit card issuers are required to obtain a cardholder card approval to adjust a credit limit over one percent credit limit or Rs 5,000, depending on the minimum, resulting from refunds, failures, deferred operations, or similar transactions against the credit limit. The credit limit cardholder has already made its payment. Within seven days of purchase, the permit must be requested.
According to the RBI Master Direction, “Card issuers will deduct the credit card from the cardholder's bank account if no authorization/response is received from the cardholder. Notwithstanding the limitation, if the cardholder applies to the card issuer for the refund of the outstanding balance of the card account in his or her bank account, the card issuer will do so within three working days after receipt of that name. application. ”
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