RBI Put Off The New Rules To Credit And Debit Cards For Three Months!!

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RBI Put Off The New Rules To Credit And Debit Cards For Three Months!!
RBI Put Off The New Rules To Credit And Debit Cards For Three Months!!

RBI Put Off The New Rules To Credit And Debit Cards For Three Months. Reserve Bank of India (RBI) issued some changes in its master directions on April 21st of this financial year 2022. Now RBI extended the last date to implement those directions. RBI gives this offer exclusively to the financial institutions. To know further details keep read this page until the end.

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Reserve Bank of India put off the new rules and regulations for the credit and Debit cards for three months. RBI released an official notification regard this last date extension on Tuesday. The RBI has extended the deadline for implementation of three directions – card issuers seeking OTP-based consent from customers for activating credit card, ensuring there are no breach in credit limit without explicit consent from the cardholder and no capitalization of unpaid charges.

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As per the new direction, “Card issuers shall ensure complete transparency in the conversion of credit card transactions to Equated Monthly Instalments (EMIs) by clearly indicating the principal, interest and upfront discount provided by the merchant/card-issuer (to make it no cost), prior to the conversion. The same shall also be separately indicated in the credit card bill/statement. EMI conversion with interest component shall not be camouflaged as zero-interest/no-cost EMI.”

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