Indian Consumer Rights on Fraudulent Card Transactions + Disputed Charges

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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,

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Government Rules on CIBIL Status Update for Settlement of Personal Loans / Credit Card Accounts

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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

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