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RBI REGULATION FOR CREDITCARD HOLDERS RIGHTS

Contd.

	Not issuing cards to certain professions such as legal and police
	Charging very high interest rates/service charges.
	Lack of transparency in billing.
	Use of physical coercion /harassment /intimidation by recovery agents of some banks
	Banks sharing confidential information about customers.

The working group has made the following important suggestions :

	Use simple language that is displayed prominently
	Include items such as fees and charges, drawal limits, billing cycle, default
	termination in the MITC
	Clearly mention annualized interest charges.
	Adopt the India Banks Association’s code of conduct with regard to DSAs
	Mention a “Do not call registry” which will have telephone numbers of customers and non-customers who have informed the bank that they do not wish to receive unsolicited calls.
	Do not send unsolicited cards to non customers

The group also suggests a separate law to regulate card payment system.

For more... contact us on legal@consumer-voice.org