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RBI comes with an iron hand on Private Banking Institutions...

RBI comes with an iron hand on Private Banking Institutions...

No further those private banking personnel or their touts can play mischief or pranks with you by providing you unsolicited credit cards, charging hidden tariffs and sending goondas to your residence. Check out these URLs for your quick reference:

  1. Posting in Consumer_Voice_India.
  2. Financial Express News Coverage.

A brief extract of the points are mentioned here:

  1. Each bank sets up a Do-Not-Call Register. If the call center dials a number from these register, the bank would be held responsible.
  2. Any unsolicited credit card issued or activated means the bank is held liable with a penalty of twice the amount.
  3. Card holder's consent is mandatory before the credit limit on the card is enhanced.
  4. Customer has to be given enough breathing time to settle his dues before his credit history is marked as defaulter and released to other banking and financial institutions.
  5. Customer has to get at least 15 days of minimum payment period.
  6. In the case of wrong bill, the customer has to revert back within 60 days from the date of reciept of the bill.
  7. Before any charges are hiked, a one month advance note has to be issued by the card issuer.  If the customer wishes to close the card, on account of these charges, no closure be levied by the bank.
  8. The monthly statement sent by the bank need to carry annualized percentage rates, annual fee, late payment charges and modus operandi adopted in calculation of such fees and charges.
  9. In case a card is being issued to a person with a no-finance background, the principal card holder bears the responsibility.
  10. RBI has full rights to initiate action against erring banks and/or non-banking financial institutions.

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