With the establishment of CIBIL, Banks have taken a breather as Fly By Night Loan takers and defaulters have been permanently banned from extending Loan facilities. Harshal Chandorkar, VP of CIBIL said that according to Data Mined by them, Banks and Financial Institutions are Approving Loans for Customers with
Credit Adviser
Credit Adviser
Indian Consumer Rights on Fraudulent Card Transactions + Disputed Charges
The Indian Credit Card Industry is bogged down with Thousands of Complaints of Fraud and Disputed Charges. The RBI is trying its best and thus we approached the RBI with your questions and here is what the bank has to say.
As a Credit Card Customer of a Bank regulated by RBI, what are my rights when a fraudulent transaction occurs on my card which is reported to the bank as disputed transaction?
RBI’s Response is as follows,
(i)In terms of Paragraph 4 of the Master Circular on Credit Cards Operations [PDF] of Banks, Banks have been advised that the card issuing bank should ensure the wrong bills are not raised and issued to customers. In case, a customer protests any bill, the bank should provide explanation and if necessary documentary evidence to the customer within a maximum period of 60 days with the spirit to amicably redress the grievances
(ii)Further,
Read moreIndian Consumer Rights on Fraudulent Card Transactions + Disputed Charges
Government Rules on CIBIL Status Update for Settlement of Personal Loans / Credit Card Accounts
Now that we are getting lot of e-mails on the subject of what does the Actual RBI / Ministry of Finance Rules state on the Status of a Loan Account / Credit Card mutually settled between the Bank and the Customer. We had asked the RBI this Question,
In case of a Loan / Credit Card account settled mutually between the Bank and the Customer after the customer had defaulted on payments, I would like to know, what the Bank is supposed to update at Credit Bureau – CIBIL for “STATUS” column of this particular account under consideration in accordance with RBI rules / regulations / guidelines / act / etc. Kindly provide photocopy of appropriate RBI legal document / documents relevant to this subject.
RBI’s Response to the Question is as follows,
You may kindly
Foreign Banks Drops Customers in India
The American Credit crisis has led many Foreign Banks operating in India to take a cautious approach when issuing credit facilities. Records obtained from the RBI in 2010 suggests that they trimmed credit card customer base in India
India – Top Issuers of Credit Cards
We were the First in Global Media to do metrics on the size of the Plastic Money [Credit / Debit] Market in India. We have received quite a number of e-mails and hence for your convenience, here is the latest update on the Data of the Indian Credit / Debit Card Market.
Total Number of Debit Cards – 211.87 Mn
Total number of Credit Cards – 18.18 Mn
Surprised on the number of Credit Card User base being Shrunk
Mis-Selling + Poor Customer Care – Status of Indian Card Industry
We have been writing on this Site for over 2 years not to go for Credit Card if you are unsure of what product you are opting for. Today, we would like to substantiate our statements with Facts Released by the RBI – The Supreme Regulator.
RBI has received a whopping 18,1810 in FY 2009-10 complaints all related to Credit Card
Read moreMis-Selling + Poor Customer Care – Status of Indian Card Industry