Key takeaways from RBI circular on credit cards
2 years, 7 months ago

Key takeaways from RBI circular on credit cards

Live Mint  

The Reserve Bank of India has released directions on issuing credit and debit cards, aiming to empower card users and check misconduct of issuers. Non-bank lenders must seek RBI nod before issuing credit cards, and follow strict regulations on sharing data even with their co-branding partners. The regulations empower credit card customers, mandate lenders to take consent of customers on various issues pertaining to credit cards, and also strengthen the grievance redressal mechanism. Card issuers can report a credit card account as ‘past due’ to credit information firms or levy penal charges only when a credit card account remains ‘past due’ for more than three days.

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Credit card consumer protection laws: 6 key RBI rules you should know
1 month ago

Credit card consumer protection laws: 6 key RBI rules you should know

Live Mint  

If you are a frequent user of credit cards or planning to get a credit card, you might face a situation where your consumer rights might be violated. However, they can charge differential interest rates according to the credit card user’s payment history and must be transparent about it. 3. Credit card debt collection process According to RBI guidelines, banks …

Credit cards: What are the consumer protection laws that apply to credit cards?
1 month ago

Credit cards: What are the consumer protection laws that apply to credit cards?

Live Mint  

Notwithstanding all the benefits offered by credit cards, the users could face certain issues with regards to hidden charges levied – something they were unaware of earlier. On this, Riya Bhattacharya, Founder, Rio Money, says, "RBI has made several consumer protection policies under its Master Directions for Credit Cards. These are some of the key consumer protection frameworks which apply …

RBI issues draft guidelines on payment aggregators | Check details
8 months, 1 week ago

RBI issues draft guidelines on payment aggregators | Check details

India TV News  

Aiming to boost the payment ecosystem, The Reserve Bank of India on Tuesday issued draft guidelines to further strengthen regulations on payment aggregators. "Given the growth in digital transactions and the significant role that PAs play in this space, the current directions on PAs are proposed to be updated and cover, inter alia, KYC and due diligence of merchants, operations …

RBI Asks Credit Card Issuers to Monitor End Use of Funds
9 months, 2 weeks ago

RBI Asks Credit Card Issuers to Monitor End Use of Funds

Deccan Chronicle  

stipulated for the facility concerned. “The card-issuers shall put in place an effective mechanism to monitor end use of funds.” The total amount due on a card would be the total amount payable by the cardholder as per the credit card statement generated at the end of a billing cycle. In the amended Master Direction on Credit Card and Debit …

Want to close your credit card? Check RBI’s new regulations here
2 years, 2 months ago

Want to close your credit card? Check RBI’s new regulations here

Firstpost  

If the cardholder doesn’t respond within 30 days, the card issuer may cancel the account after the customer has paid all outstanding debts Today, getting a credit card is simple, but to get rid of one, you have to follow some procedures. According to the Reserve Bank of India’s new regulations, credit card firms are obligated to comply with clients’ …

RBI unlikely to extend 30 September deadline for credit, debit cards
2 years, 2 months ago

RBI unlikely to extend 30 September deadline for credit, debit cards

Live Mint  

India's central bank is unlikely to extend a Friday deadline for businesses to set up an additional layer of security for consumers' credit card data even after some concerns remain over payments failing and revenue losses, say bankers and merchants. Three years ago, India embarked on a mammoth exercise to secure card data by requiring businesses to tokenise cards by …

RBI extends deadline for card tokenisation till 30 Sept
2 years, 5 months ago

RBI extends deadline for card tokenisation till 30 Sept

Live Mint  

The Reserve Bank of India on Friday extended the timeline for tokenisation of debit and credit cards by another three months till September 30, 2022. In a statement, RBI said this extended time period may be utilised by the industry for, facilitating all stakeholders to be ready for handling tokenised transactions; processing transactions based on tokens; implementing an alternate mechanism …

Credit Card: RBI Extends Deadline to Implement New Rules to October 1; Know the Changes
2 years, 6 months ago

Credit Card: RBI Extends Deadline to Implement New Rules to October 1; Know the Changes

News 18  

The Reserve Bank of India on Tuesday extended the timeline to implement various provisions related to credit card issuance till October 1. Moreover, the terms and conditions for payment of credit card dues, including the minimum amount due, shall be stipulated, the Reserve Bank of India said. Credit Card Rules to Change from July 1 Earlier in April, the Reserve …

RBI new rules on issue of credit cards, debit cards: All you need to know
2 years, 8 months ago

RBI new rules on issue of credit cards, debit cards: All you need to know

Hindustan Times  

The Reserve Bank of India on Thursday announced new rules for the issue of credit cards and debit cards, as well as directions to issuing agencies. these Directions relating to debit cards shall apply to every bank operating in India." Consent for the issue of cards must be explicit; written consent is needed before a credit card can be issued. …

RBI defers tokenisation deadline by six months
3 years ago

RBI defers tokenisation deadline by six months

The Hindu  

The Reserve Bank of India has decided to defer the implementation of tokenisation of debit and credit cards for online transactions by a further six months following representations from stakeholders. “The timeline for storing of CoF data is extended by six months till June 30, 2022; post this, such data shall be purged,” the central bank said on Thursday. “In …

RBI restricts Mastercard from acquiring new customers from July 22
3 years, 5 months ago

RBI restricts Mastercard from acquiring new customers from July 22

Hindustan Times  

The Reserve Bank of India on Wednesday barred Mastercard Asia Pacific from onboarding new debit, credit, or prepaid card customers from July 22, 2021, for failing to comply with its data storage norms. The central bank said that Mastercard failed to comply with the “directions on Storage of Payment System Data” even after being given “considerable time and adequate opportunities.” …

RBI Bars Mastercard from Acquiring New Customers in India from July 22
3 years, 5 months ago

RBI Bars Mastercard from Acquiring New Customers in India from July 22

News 18  

The Reserve Bank on Wednesday barred Mastercard Asia Pacific from onboarding new credit, debit and prepaid card customers with effect from July 22 as it failed to comply with data storage norms. Taking action against Mastercard, RBI said, "notwithstanding lapse of considerable time and adequate opportunities being given, the entity has been found to be non-compliant with the directions on …

Online automatic transactions will not fail from April 1, RBI extends deadline by 6 months
3 years, 8 months ago

Online automatic transactions will not fail from April 1, RBI extends deadline by 6 months

India Today  

The Reserve Bank of India has now extended the timeline for implementation of new guidelines for automatic payment system by six months. Previous reports had noted that the RBI had refused to grant an extension to banks following which banks started notifying customers about failure in automatic recurring payments from April 1. For transactions above Rs 5000, banks will also …

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