RBI Notification – Credit Card Operations of Banks


RBI Notification – Credit Card Operations of Banks in India

Reserve Bank of India, DBOD, today has issued a Notification reiterating that the Banks should adhere to the guidelines, both in letter and spirit, as mentioned in RBI/2006-2007/377
DBOD No. Dir.BC.93/ 13.03.00/2006-07 Dt.May 7, 2007

Today’s RBI Notification can be accessed at

http://www.rbi.org.in/scripts/NotificationUser.aspx?Id=5866&Mode=0

The reference number is:  RBI/2010-11/109 DBOD. FSD.BC.No. 25 /24.01.011/2010-11 Dt.July 9, 2010.

This notification is a right step, to promote healthy credit card operations in our country. The prime objective of Reserve Bank of India is

To promote ePayments

To promote fit competitive practices

To safeguard the consumer’s interests

To minimize the number of credit card complaints received by Banking Ombudsman

Wondering if the above Notification is a pointer towards a comprehensive Web-Based Credit Card Complaint Management System?

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