in past on making transactions through the card. Internal control and monitoring systems With a view to ensuring that the quality of customer service is ensured on an on-going basis in banks/nbfcs, the Standing Committee on Customer Service in each bank/nbfc should review the credit card operations including maverick forex trading reports of defaulters. Option 3: All cards linked to the primary account. The bank may ensure adherence to the guidelines on Managing Risks and Code of Conduct in outsourcing of financial services by banks as contained in the, as amended from time to time. The method of calculation of APR should be given with a couple of examples for better comprehension. If the last 4 digits of card. The application form for credit card must explicitly provide for consent the same. Banks may also consider issuing a letter to the credit card holder indicating the details regarding the name, address and telephone number of the Insurance Company which will handle the claims relating to the insurance cover. A legend/notice to the effect that Making only the minimum payment every month would result in the repayment stretching over years with consequent interest payment on your outstanding balance" should be prominently displayed in all the monthly statements so as to caution the customers about. Which may subsequently be levied by the Government or any other statutory authority. Banks should prepare and place before their Boards/Management Committee a comprehensive Review Report on credit card business on half-yearly basis as at the end of September and March of each accounting year, which should cover essential data on credit card business, such as category and.
In case, a customer protests any bill, the bank/ nbfc should provide explanation and, if necessary, documentary evidence may also be provided to the customer within a maximum period of sixty days with a spirit to amicably redress the grievances. 14.2 With a view to reducing the instances of misuse of lost/stolen cards, it is recommended to banks/nbfcs that they may consider issuing (i) cards with photographs of the cardholder; (ii) cards with PIN; and (iii) signature laminated cards or any other advanced methods that.
These aspects may be shown in the Welcome Kit in addition to being shown in the monthly statement. Most Important Terms and Conditions (mitcs) (a) Fees and Charges Joining fees for primary card holder and for add-on card holder Annual membership fees for primary and add-on card holder Cash advance fee Service charges levied for certain transactions Interest free (grace) period - illustrated. 12.3 Banks/nbfcs should ensure that their call centre staff is trained adequately to competently handle all customer complaints. Board approved policy Banks may formulate a comprehensive debit cards issuance policy including policy on co-branded debit cards with the approval of their Boards and issue debit cards to their customers in accordance with this policy. Banks are advised to follow uniform method of determining over-due status for credit card accounts while reporting to credit information companies and for the purpose of levying penal charges viz., late payment charges, etc., if any, as issued in terms of our, as amended from. Banks desirous of setting up separate subsidiaries for undertaking credit card business would, however, require prior approval of the Reserve Bank.
Payment of interest No interest may be paid on the balances transferred to pre-paid payment cards. When banks/nbfcs outsource the various credit card operations, they have to be extremely careful that the appointment of such service providers does not compromise with the quality of the customer service and the banks nbfcs' ability to manage credit, liquidity and operational risks. Personal information provided by the card holder but not required for recovery purposes should not be released by the card issuing bank/nbfc. The procedure should also cover the notice period for such reporting as also the period within which such report will be withdrawn in the event the customer settles his dues after having been reported as defaulter.