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The Reserve Bank of India has published master directions to the banks and NBFCs (Non Banking Financial Corporations) for issuance of credit and debit cards this year. 
Here we list out 5 important changes in new credit card rules that will become effective from 1st July 2022
1. Card-issuers shall provide a one-page Key Fact Statement along with the credit card application containing the important aspects of the card such as rate of interest, quantum of charges, among others.
2. Any credit card closure request shall be honoured within seven working days by the credit card issuer, subject to payment of all dues by the cardholder. After the credit card closure, the cardholder shall be immediately notified about the closure through email, SMS, etc.
3. Card closure requests shall be honoured by the issuer within 7 working days. Failure to do so shall result in a penalty of ₹500 per day of delay, payable to the customer till the closure of the account, provided there is no outstanding in the account.
4. Card-issuers shall ensure that there is no delay in sending/dispatching/emailing bills/statements and the customer has sufficient number of days (at least one fortnight) for making payment before the interest starts getting charged.
5. If a credit card has not been used for a period of more than one year, the process to close the card shall be initiated after intimating the cardholder. If no reply is received from the cardholder within a period of 30 days, the card account shall be closed by the card-issuer. 
 

RBI's new credit card rules| Here's you all need to know

RBI issues circular on credit cards. From your interest rates to closure of credit card, here's you all need to know 


New credit card rules from RBI| Here's you all need to know

RBI's directions on credit cards say that registered NBFCs cannot issue credit cards or similar products without the regulator's approval.

The Reserve Bank of India has published master directions to the banks and NBFCs (Non Banking Financial Corporations) for issuance of credit and debit cards this year.&nbsp;
Here we list out 5 important changes in new credit card rules that will become effective from 1st July 2022.
1.&nbsp;Card-issuers shall provide a one-page Key Fact Statement along with the credit card application containing the important aspects of the card such as rate of interest, quantum of charges, among others.
Also read/watch| <a title="Top edible oil stocks to watch out for in India" href="https://www.editorji.com/business-news/top-edible-oil-stocks-to-watch-out-for-in-india-1650876201076">Top</a><a title="Top edible oil stocks to watch out for in India" href="https://www.editorji.com/business-news/top-edible-oil-stocks-to-watch-out-for-in-india-1650876201076"> edible oil stocks to watch out for in India</a>
2. Any credit card closure request shall be honoured within seven working days by the credit card issuer, subject to payment of all dues by the cardholder. After the credit card closure, the cardholder shall be immediately notified about the closure through email, SMS, etc.
3.&nbsp;Card closure requests shall be honoured by the issuer within 7 working days. Failure to do so shall result in a penalty of ₹500 per day of delay, payable to the customer till the closure of the account, provided there is no outstanding in the account.
4.&nbsp;Card-issuers shall ensure that there is no delay in sending/dispatching/emailing bills/statements and the customer has sufficient number of days (at least one fortnight) for making payment before the interest starts getting charged.
Also read/watch|&nbsp;<a title="Explained: EV fires, the burning issue and if recalls are enough" href="https://www.editorji.com/business-news/explained-ev-fires-the-burning-issue-and-if-recalls-are-enough-1650875918735">Explained: EV fires, the burning issue and if recalls are enough</a>
5.&nbsp;If a credit card has not been used for a period of more than one year, the process to close the card shall be initiated after intimating the cardholder. If no reply is received from the cardholder within a period of 30 days, the card account shall be closed by the card-issuer.&nbsp;

The actor took to the social media and highlighted the incident.

He tagged the CIBIL authorities urging them to look into the matter

Rajkummar Rao's PAN card 'misused' in order to take loan in his name

The actor took to the social media and highlighted the incident. He tagged the CIBIL authorities urging them to look into the matter.

SUPER: Rajkummar Rao's PAN card 'misused' in order to take loan in his name
With each passing day, there is seemingly a huge rise in online frauds and scams. The &lsquo;Badhaai Do&rsquo; actor Rajkummar Rao found himself in a tight spot when he found that his PAN card was misused to take a loan in his name.
SUPER: Rajkummar Rao posted the case on social media and tagged CIBIL
No sooner did the actor realise that his name had got &lsquo;misused&rsquo; online, he immediately took to the social media and posted his case online stating that a small loan of Rs. 2500 was taken in his name. In his post, he tagged Credit Information Bureau (India) Limited (CIBIL) and told them to look into&nbsp;the matter. The actor also claimed that due to the said fraud, his credit score had got affected.

The actor took to the social media and highlighted the incident. He tagged the CIBIL authorities urging them to look into the matter.

While one sees many of technological advancements with each passing day, at the same time, there is a flip side to the same. There is seemingly a huge rise in online frauds and also scams. The &lsquo;Badhaai Do&rsquo; actor Rajkummar Rao&nbsp;found himself in a tight spot when he found that his PAN card was misused to take a loan in his name.
No sooner did the actor realise that his name had got &lsquo;misused&rsquo; online, he immediately took to the social media and posted his case online stating that a small loan of Rs. 2500 was taken in his name. In his post, he tagged Credit Information Bureau (India) Limited (CIBIL) and told them to look into the matter. The actor also claimed that due to the said fraud, his credit score had got affected.
This year, Rajkummar Rao has an impressive line-up of films. The actor, who was last seen in the hit film &lsquo;Badhaai Do&rsquo; with Bhumi Pednekar, will now be seen in 'Guns and Gulaabs', 'Bheed', 'Hit' and others.
ALSO WATCH |&nbsp;<a href="https://www.editorji.com/entertainment-news/bollywood/bhuvan-bam-apologises-after-ncw-asks-police-to-register-fir-against-him-1648895108352" target="_blank">Bhuvan Bam apologises after NCW asks police to register FIR against him</a>

cibil

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