RBI prohibits issue of unsolicited credit cards, upgradation
The Hindu
Issuers, agents asked not to resort to intimidation or harassment when recovering dues
The Reserve Bank of India (RBI) on Thursday asked credit card companies not to issue unsolicited credit cards or upgrade an existing card without the explicit consent of the customer, failing which they will have to pay double the billed amount as penalty.
It also asked card issuers and third party agents not to resort to intimidation or harassment during recovery of dues from customers.
In its master directions on credit card and debit card issuance, the RBI said "the issue of unsolicited cards/upgradation is strictly prohibited".
These directions will be effective from July 1, 2022.
It further said that in case an unsolicited card is issued or an existing card upgraded and activated without the explicit consent of the recipient, the card issuer will have to reverse the charges and pay a penalty double the billed amount.
According to the master directions, commercial banks with net worth of over ₹100 crore can undertake credit card business either independently or in tie-up arrangement with other card issuing banks/non-banking financial companies (NBFC).
Regional rural banks (RRBs) are also permitted to issue credit cards in collaboration with their sponsor bank or other banks.
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