To the immense satisfaction of credit card customers, the RBI has made significant modifications to the relevant regulations. The Reserve Bank is getting ready to stop banks and financial corporations from acting arbitrarily when it comes to credit cards.
To the immense satisfaction of credit card customers,
the Reserve Bank of India has made significant modifications to the relevant regulations. The Reserve Bank is getting ready to stop banks and financial corporations from acting arbitrarily when it comes to credit cards. Customers can now select the credit card that best suits their needs. The new regulation will allow users to select the card and billing cycle of their choice in addition to choosing the card. In the new rule, customers will easily get the facility to change the billing or statement date of their credit card at their convenience.
Users of credit and debit cards now
have the freedom to select the card networks of their choice thanks to a new circular from the Reserve Bank of India. This circular, published on March 6, states that card issuers, such as banks or financial firms, are required to provide their consumers with the card network of their choice. From card payment networks including Visa, MasterCard, American Express, Diners Club International, and RuPay, you can select whatever option you like.
The RBI wants credit card issuers,
whether they are banks or not, to provide their clients with the choice of several card networks at the time of card issuance. Simultaneously, current clients have the opportunity to select their preferred alternative when their cards are renewed. This RBI regulation will into effect from September 6, 2024.
In addition to selecting the card,
the RBI has released new guidelines for credit card billing. The new regulation allows current credit card users to adjust the billing period whenever it is most convenient for them. Customers will be able to adjust the billing cycle under the new regulation. The billing cycle can be altered by the cardholder whenever it is most convenient. Credit card firms provide their customers with a time frame. whereby all costs incurred using the card are totaled and, by a specific date, issued to you as a bill. You must pay the bill till the due date after it is generated. We refer to this as the billing cycle. Until recently, the only entities who could determine what will be the billing cycle for the customer, but now customers will be able to change the billing cycle of their credit card at least once as per their wish.
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