How to Settle Credit / Loan Defaults India ? – Rush to BCSBI

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This is Fantastic News!!! I have received many e-mails stating that Banks are not coming forward to help for Settlement in case of defaults. There is HOPE for you, especially if you area defaulter on your Credit Card or Home / Personal / Auto Loan. The RBI supported Banking Codes and Standards Board of India – BCSBI is taking up cases of individuals or SMEs upto Rs 50 Lakh. BCSBI has 83 member banks from ICICI, Citi, HSBC, SBI, HDFC to Syndicate Bank in India and I am sure your bank is also on the list.

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APR Ceiling on Credit Cards proposed by Law Makers

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Time and Again, it has been discussed openly and banks / financial institutions being criticized for charging Credit Card APRs abnormally high from 24% PA to 48% PA. Their argument,

Credit card dues are of nature of non-priority sector personal loans and banks are free to determine the rate of interest on credit card dues on their own without reference to their benchmark

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Safely Transacting Online

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While transacting online, make sure that you are on a secure website before entering away your card details. How to make sure what is a secure website ? In your browser address bar, you should look for “https” followed by the name of the site. S – Means security in this case, which includes high level of encryption to keep your data safe while being transferred on the Internet. If you are not seeing a “https”, then please do not enter the details of your Credit Card and immediately call the merchant asking for other modes of payment.

Also, we should Thank RBI for having introduced an additional level of security to transact online – Verified by Visa or Master SecureCode – an additional password without which the transaction will not complete.

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