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RBI Tightens Credit and Debit Card Rules

Published on April 22, 2022
Current Context: To protect customers from rule fluctuations in credit and debit cards, the RBI has come up with new rules.
RBI Tightens Credit and Debit Card Rules
  • Explicit consent of the customer is mandatory for the issuance of a new card or for an upgrade. Losses due to misuse of unsolicited cards shall be the responsibility of the issuing authority. ( Card -Issuer Bank)
  • Individuals can approach the RBI Ombudsman in case of receipt of unsolicited card. The Ombudsman would determine the compensation payable to the customer by the Card Issuer.
  • Banks will have to make sure that unpaid charges, other levies and taxes, not be counted for compounding of interest. This would save the customers from exponential charges.

Question:

Q.1 Who is the highest authority as per the new RBI rules, to be approached in case of receipt of unsolicited card?
a. Finance Minister
b. Revenue Secretary
c. Serious Fraud Investigation Agency
d RBI Ombudsman
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