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Reserve Bank of India (RBI) has extended the time limit for implementation of several master instructions on issuance of debit cards and credit cards. July 1, 2022 to October 1, 2022 extended by three months. Following Master Direction Provisions They will now be effective from October 1, 2022, the central bank announced in a circular. The decision was taken keeping in view the various comments of industry stakeholders.

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key points :

  • As per RBI’s Master Direction in April, if the card has not been activated even after 30 days of issuance, the issuing institution will ask the cardholder to activate the credit card. One Time Password (OTP) based consent.
  • In case the Customer does not consent to activate the Card, the Card Issuer should close the Credit Card Account at no cost to the Customer within seven working days from the date of receipt of confirmation from the Customer.
  • The deadline to implement this provision has now been extended by the central bank.
  • Unpaid fees, assessments and taxes shall not be capitalized for the purpose of charging interest or compounding interest.
  • The Center has also given the date of implementation of this clause. October 1, 2022 extended to .

Additionally, there is a time limit for card issuers to comply with the RBI order to ensure that the credit limit sanctioned and notified to the cardholder is never exceeded without the express agreement of the cardholder. To prevent negative amortization, the RBI also said that the terms and conditions should be specified for paying credit card bills including the minimum amount required.

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Important takeaways for all competitive exams:

  • RBI Governor: Shaktikanta Das.
  • Establishment of RBI: 1st April 1935, Kolkata.

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