New credit card rules: Penalty for issuer, other details in 10 points
New credit card rules: RBI has made it clear that unsolicited loans or other credit facilities shall not be offered to the credit cardholders without seeking explicit consent
New credit card rules: The Reserve Bank of India (RBI) has almost overhauled credit card rules, making it more secured for the users. The Central Bank of India has issued fresh guidelines to the issuers making it mandatory for them to issue new card only after getting digital or written request for that. In new credit card rules, RBI has made it mandatory for the issuer that any request for closure of a credit card should have to be honoured within seven working days. Failing to do that the issuer will have to pay the penalty of ₹500 per day of delay to the customer till the closure of the account, provided there is no outstanding in the account.