155.jsonl

{"text": "In exercise of the powers conferred by Section 35A of the Banking Regulation Act, \n1949, and all other provisions / laws enabling the Reserve Bank of India (‘RBI’) in this regard, \nRBI being satisfied that it is necessary and expedient in the public interest so to do, hereby, \nissues the Directions hereinafter specified.  \nChapter I – Preliminary \nA. Short Title and Commencement  \n1. These Directions shall be called the Reserve Bank of India (Commercial Banks - Credit \nCards and Debit Cards: Issuance and Conduct) Directions, 2025.  \n2. These Directions shall come into force with immediate effect.  \nB. Applicability  \n3. These Directions shall be applicable to Commercial Banks (hereinafter collectively \nreferred to as 'banks' and individually as a 'bank'). \nFor the purpose of these Directions, ‘Commercial Banks’ mean banking companies (other \nthan Small Finance Banks, Payment Banks, and Local Area Banks), corresponding new \nbanks, and the State Bank of India, as defined respectively under clauses (c), (da), and \n(nc) of Section 5 of the Banking Regulation Act, 1949. \n4. These Directions cover the general and conduct regulations relating to credit, debit and \nco-branded cards which shall be read along with prudential, payment and technology & \ncyber security related Directions applicable to credit, debit and co-branded cards, as \nissued by the RBI.   \nC. Definitions  \n5. In these Directions, unless the context otherwise requires, the terms herein shall bear the \nmeanings assigned to them below: \n(1) Add-on Credit Card means a supplementary credit card to the principal or primary \ncredit card, issued to person/s with predefined relationship with the primary \ncardholder, within the credit limits and liability of the latter, subject to such terms and \nconditions as stipulated by the card-issuer."}
{"text": "(2) Annual Percentage Rate is the annual cost of credit to the cardholder which includes \ninterest rate and all other charges associated with the credit card under different \nscenarios based on card features.  \n(3) Billing Cycle / Billing Period is the regular length of time between closing dates of \ntwo consecutive bills raised by the card-issuer.  \n(4) Business Credit Cards are issued to business entities / individuals for the purpose \nof business expenses with specified terms and conditions and not for personal use.  \n(5) Cardholder is a person to whom a card is issued or one who is authorized to use an \nissued card.   \n(6) Card-issuer is a bank which issue debit or credit cards.  \n(7) Card Loyalty / Reward Programme/s are those schemes linked to a credit card or \ndebit card whereby the card-issuer or associated merchant establishments, upon use \nof the card/s, offer digital coupons, points, discounts, cash backs or other benefits \nhaving monetary value that can be used / redeemed for the same transactions or \nother future transactions after accumulation.   \n(8) Charge Card is a type of credit card where the user has to pay the billed amount in \nfull on due date after the billing cycle, and no rolling over of credit to the next billing \ncycle is permitted.  \n(9) Co-branded Card is a card that is issued jointly by a card-issuer and a co-branding \nentity bearing the names of both the partnering entities.  \n(10) Convenience Fee is a fixed or pro-rata charge on use of credit / debit cards as one \nof the alternative forms of payment which is not ordinarily accepted vis-à-vis other \nforms of payment.  \n(11) Corporate Credit Card is a credit card that is issued to specific employee/s of a \ncorporate employer wherein the liability could rest with the corporate entity or the \nemployee or jointly on both, as per the product design features.    \n(12) Credit Card is a physical or virtual payment instrument containing a means of \nidentification, issued with a pre-approved revolving credit limit, that can be used to \npurchase goods and services or draw cash advances, subject to prescribed terms \nand conditions."}
{"text": "(13) Credit Limit is the maximum amount of revolving credit determined and notified to \nthe cardholder to transact in the credit card account.  \n(14) Debit Card is a physical or virtual payment instrument containing a means of \nidentification, linked to a Savings Bank / Current Account which can be used to \nwithdraw cash, make online payments, do PoS terminal / Quick Response (QR) code \ntransactions, fund transfer, etc. subject to prescribed terms and conditions.  \n(15) Form Factor is the physical or virtual instrument that can be used in place of a card \nto undertake a payment / banking transaction.  \n(16) Interest-Free Credit Period is the time period from the date of transaction to the due \ndate of payment, wherein interest free payment can be made, subject to the payment \nof entire outstanding on or before the payment due date by the cardholder.  \n(17) Minimum Amount Due is the minimum amount of money, as a part of the total bill \namount, that a cardholder has to pay to not be treated as an overdue bill.  \n(18) Most Important Terms and Conditions (MITC) are the standard set of conditions \nfor the issuance and usage of credit cards, thereby defining the responsibilities and \nliabilities of the card-issuer and the cardholder. \n(19) Prepaid Card is a Prepaid Payment Instrument as defined in the Master Direction on \nPrepaid Payment Instruments dated August 27, 2021.  \n(20) Principal Cardholder means the customer who has been issued credit card by a \ncard-issuer and on whose name the card account has been opened.  \n(21) Total Amount Due is the total amount (net of credit received during the billing cycle, \nif any) payable by the cardholder as per the credit card statement generated at the \nend of a billing cycle.   \n(22) Unsolicited Credit Card is a credit card issued without a specific written / digital \nrequest or an application therefor.   \nProvided that the issuance of a credit card for renewal or replacement shall not be \ntreated as an unsolicited card.    \nRenewal contemplates the issuance of a new card on account of expiry of an existing \ncard and replacement includes issuance of a new card in place of an existing card in"}
{"text": "lieu of the change in the underlying account relationship, upgradation due to new \ntechnology or systems or re-issuance of cards that have been lost, blocked or \nsuspended temporarily, but does not include the opening of a new account after a \nprevious account was closed.  \n(23) Upgradation of Credit Card means enhancement in the benefits and features of \ncredit cards issued, for example, an increase in the credit or cash limit of the card.  \n6. All other expressions unless defined herein shall have the same meaning as have been \nassigned to them under the Banking Regulation Act, 1949 or the Reserve Bank of India \nAct, 1934 or any statutory modification or re-enactment thereto or as used in commercial \nparlance, as the case may be."}
{"text": "Chapter II – Conduct of Credit Card Business  \nA. Eligibility   \n7. Banks with net worth of ₹100 crore and above are permitted to undertake credit card \nbusiness either independently or in tie-up arrangement with other card issuing banks / \nNBFCs with the approval of their Boards. Banks desirous of setting up separate \nsubsidiaries for undertaking credit card business shall require prior approval of the \nReserve Bank.   \nB. Role of the Board \nB.1 Board Approved Policy and Procedures \n8. Each card-issuer shall have a well-documented Board approved policy for the issuance \nand conduct of credit cards. The Board approved policy shall be in consonance with \nvarious instructions on the subject issued by the Reserve Bank from time to time, as well \nas these Directions. The Board approved policy shall be available on the website of the \ncard-issuer.  \n9. The policy should, inter alia, cover the following aspects: \n(1) Interest rate ceiling and other charges. \n(2) Procedure for reporting default status to a Credit Information Company (CIC). \n(3) Co-branding arrangement (as applicable). \n(4) Standard operating procedure for discretionary blocking / deactivating / suspending \na credit card. \n(5) Time period for completion of formalities after blocking a lost card. \n(6) Redressal of grievances and compensation framework. \nThe specific aspects to be addressed in these policies / procedures are detailed in the \nrelevant paragraphs of these Directions. \nB.2 Review by the Audit Committee of the Board \n10. Card-issuers shall put in place a mechanism for review of their credit card operations on \nhalf-yearly basis by the Audit Committee of the Board of Directors. The review shall"}
{"text": "include, inter-alia, customer service, frauds, complaints and grievance redressal, card \nusage analysis including cards not used for long durations and the inherent risks therein.  \nC. Issue of Credit Cards  \n11. Customer Acquisition:  \n(1) Card-issuers shall provide a one-page Key Fact Statement along with the credit card \napplication containing the important aspects of the card such as rate of interest, quantum \nof charges, among others. In case of rejection of a credit card application, the card-issuer \nshall convey in writing the specific reason/s which led to the rejection of the application.  \n(2) The MITC as given in Chapter VII of these Directions, shall be highlighted and published \n/ sent separately to the customers, at the acceptance stage (welcome kit) and in \nimportant subsequent communications. The MITC shall be provided to the customer \n(preferably in English, Hindi and the local language) at the time of onboarding and each \ntime, a condition is modified with notice to the customer. The MITC and copy of the \nagreement signed/digitally signed between the card-issuer and cardholder shall be sent \nto the registered email address of the cardholder or postal address as per the choice of \nthe customer.  \n(3) Card-issuers may consider introducing, at the option of the customers, an insurance \ncover to take care of the liabilities arising out of lost cards, card frauds, etc. In cases \nwhere the card-issuers are offering any insurance cover to their cardholders, in tie-up \nwith insurance companies, the card-issuers shall obtain explicit consent in writing or in \ndigital mode from the cardholders along with the details of nominee/s.   \n(4) The issue of unsolicited cards / upgradation is strictly prohibited. In case, an unsolicited \ncard is issued / existing card upgraded and activated without the explicit consent of the \nrecipient and the latter is billed for the same, the card-issuer shall not only reverse the \ncharges forthwith, but also pay a penalty without demur to the recipient amounting to \ntwice the value of the charges reversed. In addition, the person in whose name the card \nis issued can also approach the RBI Ombudsman who would determine the amount of \ncompensation payable by the card-issuer to the recipient of the unsolicited card as per \nthe provisions of the Ombudsman Scheme, i.e., for loss of complainant’s time, expenses \nincurred, harassment and mental anguish suffered by him / her."}
{"text": "Explanation: In case a customer receives an unsolicited card, he / she should refrain \nfrom activating or providing consent for activation of card through OTP or any other \nmeans. If no consent is received for activating the card, the card-issuer is required to \nclose the credit card account without any cost to the customer within seven working days \nfrom the date of seeking confirmation from the customer and shall also intimate the \ncustomer that the credit card account has been closed. Subsequent to receiving the \nintimation from the card-issuer that the card account has been closed, the customer shall \ndestroy the card.  \n(5) There have been instances where unsolicited / applied-for cards have been misused \nbefore reaching the persons in whose names these have been issued. It is emphasised \nthat any loss arising out of misuse of such unsolicited cards shall be the responsibility of \nthe card-issuer only and the person in whose name the card has been issued shall not \nbe held responsible for the same.  \n(6) Card-issuers shall seek One Time Password (OTP) based consent from the cardholder \nfor activating a credit card, if the same has not been activated by the customer for more \nthan 30 days from the date of issuance. If no consent is received for activating the card, \ncard-issuers shall close the credit card account without any cost to the customer within \nseven working days from date of seeking confirmation from the customer. In case of a \nrenewed or replaced card, the closure of an inactivated card shall be subject to payment \nof all dues by the cardholder.  \nExplanation: (i) Customer-initiated process indicating intent to use a credit card such as \nPIN generation, modification of transaction control, Interactive Voice Response, recorded \ncall to the customer care centre and SMS may be considered as activation of Credit Card.  \n(ii) In case of business credit cards, wherein the cards have been issued based on the \napplication by a corporate or business entity, card-issuers shall seek explicit consent as \nabove / send intimation as required under paragraph 20 respectively from / to the \nprincipal account holder (viz. corporate or business entity) unless specified otherwise in \nthe agreement.  \n(iii) Similarly, with regard to retail credit cards, the requisite consent shall be sought from \nthe principal cardholder and not from the add-on cardholders."}
{"text": "Provided that, for blocking of business or retail credit cards, either the actual cardholder \nor the principal cardholder can initiate the request. \n(7) A card-issuer shall not report any credit information relating to a new credit card account \nto Credit Information Companies prior to activation of the card. Any credit information \nrelating to such inactivated credit cards already reported to Credit Information \nCompanies shall be withdrawn immediately.  \n(8) The consent for the cards issued or the other products / services offered along with the \ncard shall be explicit and shall not be implied. In other words, the written consent of the \napplicant shall be required before issuing a credit card. Alternatively, card-issuers may \nuse other digital modes with multifactor authentication to obtain explicit customer \nconsent. Such alternative digital modes, if any used by the card-issuer, shall be \ncommunicated to the Department of Regulation, Reserve Bank of India.  \n(9) Card-issuers shall ensure that the telemarketers they engage, comply with Directions / \nregulations on the subject issued by the Telecom Regulatory Authority of India (TRAI) \nfrom time to time while adhering to guidelines issued on “Unsolicited Commercial \nCommunications – National Customer Preference Register (NCPR)”. The card-issuer’s \nrepresentatives shall contact the customers only between 10:00 hrs and 19:00 hrs.   \n(10) The decision-making power for issue of credit card to a customer shall remain only with \nthe card-issuer and the role of the Direct Sales Agent (DSA) / Direct Marketing Agent \n(DMA) / other agents shall remain limited to soliciting / servicing the customer / account.   \n12. Underwriting Standards:  \n(1) Card-issuers shall ensure prudence while issuing credit cards and independently \nassess the credit risk while issuing cards to persons, taking into account independent \nfinancial means of applicants.  \n(2) As holding several credit cards enhances the total credit available to any consumer, \ncard-issuers shall assess the credit limit for a credit card customer taking into \nconsideration all the limits enjoyed by the cardholder from other entities on the basis of \nself-declaration / credit information obtained from a Credit Information Company, as \nappropriate. This shall be uniformly applied as per the board approved policy of the \ncard-issuer."}
{"text": "(3) Card-issuers shall ensure complete transparency in the conversion of credit card \ntransactions to Equated Monthly Instalments (EMIs) by clearly indicating the principal, \ninterest and upfront discount provided by the merchant/card-issuer (to make it no cost), \nprior to the conversion. The same shall also be separately indicated in the credit card \nbill / statement. EMI conversion with interest component shall not be camouflaged as \nzero-interest / no-cost EMI.  \n(4) Card-issuers shall ensure that loans offered through credit cards are in compliance with \nthe instructions on loans and advances issued by the Reserve Bank from time to time.  \n(5) Card-issuers shall ensure that the credit limit as sanctioned and advised to the \ncardholder is not breached at any point in time without seeking explicit consent from \nthe cardholder.  \nExplanation: (i) Usage of a credit card beyond the sanctioned credit limit (i.e., overlimit) \nrequires prior explicit consent of the cardholder, as a fraud minimisation mechanism. \nFurther, a cardholder shall be given an option to enable or disable the option of overlimit \nthrough transaction control mechanism available on card-issuer’s platforms such as \ninternet, mobile banking, or any other suitable medium. Unless explicit consent has \nbeen obtained from the cardholder for the overlimit facility, no overlimit can either be \nprovided or overlimit charges be levied.  \n(ii) Interest or any charges / fees on the credit card shall not be factored in for the \npurpose of computing a cardholder’s credit limit usage and levying overlimit charges. \nD. Types of credit cards  \n13. Card-issuers may issue credit cards / charge cards to individuals for personal use together \nwith add-on cards wherever required.   \n14. Card-issuers may also issue cards linked to overdraft accounts that are in the nature of \npersonal loans without any end-use restrictions subject to the conditions as stipulated in \nthe overdraft account.   \nExample: A customer availing an overdraft facility from a bank can be issued a type of \ncredit card to access the funds available under the facility. The terms of usage of this \ncredit card (interest charged, repayment schedule, penalty, cash withdrawal limit etc.,) \nshall correspond to the terms and conditions applicable to the overdraft facility."}
{"text": "15. Card-issuers may issue business credit cards to business entities / individuals for \nbusiness expenses. The business credit cards may also be issued as charge cards, \ncorporate credit cards or by linking a credit facility such as overdraft / cash credit provided \nfor business purpose as per the terms and conditions stipulated for the facility concerned.  \n16. The card-issuers shall put in place effective mechanism to monitor end use of funds. \nBusiness credit cards can be issued together with add-on cards wherever required.   \n17. The liability of the corporate / business entity on account of business cards shall form part \nof their total assessed credits for compliance to instructions issued by the Reserve Bank \non Exposure Norms as well as Prudential norms on Income Recognition, Asset \nClassification and Provisioning pertaining to Advances.   \n18. The add-on cards shall be issued only to the persons specifically identified by the principal \ncardholder under both personal and business credit card categories. Add-on cards shall \nbe issued with the clear understanding that the liability will be that of the principal \ncardholder. Similarly, while issuing corporate credit cards, the responsibilities and \nliabilities of the corporate and its employees shall be clearly specified. The liability of the \ncorporate / business entity shall form part of its assessed credits.   \nExplanation: The liability for dues shall rest solely with the principal cardholder and not \nwith the add-on cardholders. However, settlement of dues towards international credit card \nshall also be governed as per FEMA regulations. Further, the responsibility for making \npayments in case of business credit cards shall be governed by the terms and conditions \nagreed upon. \nE. Closure of Credit Card  \n19. Any request for closure of a credit card shall be honoured within seven working days by \nthe credit card-issuer, subject to payment of all dues by the cardholder. Subsequent to \nthe closure of credit card, the cardholder shall be immediately notified about the closure \nthrough email, SMS, etc. Cardholders shall be provided option to submit request for \nclosure of credit card account through multiple channels such as helpline, dedicated \nemail-id, Interactive Voice Response (IVR), prominently visible link on the website, \ninternet banking, mobile-app or any other mode. The card-issuer shall not insist on \nsending a closure request through post or any other means which may result in the delay \nof receipt of the request. Failure on the part of the card-issuers to complete the process \nof closure within seven working days shall result in a penalty of ₹500 per calendar day of"}
{"text": "delay payable to the cardholder, till the closure of the account provided there is no \noutstanding in the account.  \nExplanation: In case payment towards dues is outstanding, the card-issuer shall provide \ndetails regarding such outstanding dues to the cardholder upon receipt of the closure \nrequest without waiting for completion of the billing cycle and accordingly advise him / her \nto make payment in order to complete the closure process. In such cases, the prescribed \ntimeline of seven working days shall be calculated after excluding the number of days \ntaken by the cardholder to clear the outstanding dues. The card-issuer shall also report to \nCICs suitably about the closure of the card account. \n20. If a credit card has not been used for a period of more than one year, the process to close \nthe card shall be initiated after intimating the cardholder. If no reply is received from the \ncardholder within a period of 30 days, the card account shall be closed by the card-issuer, \nsubject to payment of all dues by the cardholder. The information regarding the closure of \ncard account shall also accordingly be updated with the Credit Information Company/ies \nwithin a period of 30 days.  \nExplanation: In addition to financial transactions, any process initiated by the cardholder \nsuch as generation of statement, change of PIN, change in transaction controls, etc., shall \nbe considered for treating a card as ‘used’. However, any calls made to the customer care \ncentre, for reasons other than those cited above, shall not be considered towards usage \nof a card. \n21. Subsequent to closure of credit card account, any credit balance available in credit card \naccounts shall be transferred to the cardholder’s bank account. Card-issuers shall obtain \nthe details of the cardholder’s bank account, if the same is not available with them.    \nF. Interest rates and other charges  \n22. Card-issuers shall be guided by the Reserve Bank of India (Commercial Banks – Interest \nRates on Advances) Directions, 2025 as amended from time to time, while determining \nthe interest rate on credit card dues. Interest charged on credit cards shall be justifiable \nhaving regard to the cost incurred and the extent of return that could be reasonably \nexpected by the card-issuer. Card-issuers shall also prescribe an interest rate ceiling in \nline with other unsecured loans, including processing and other charges, in respect of \ncredit cards as part of their Board approved policy. In case card-issuers charge interest \nrates which vary based on the payment / default history of the cardholder, there shall be"}
{"text": "transparency in levying such differential interest rates. The interest rates as prescribed in \nthe board approved policy and the rationale for the same shall be auditable. The card-\nissuers shall publicise through their website and other means, the interest rates charged \nto various categories of customers. Card-issuers shall indicate upfront to the credit \ncardholder, the methodology of calculation of finance charges with illustrative examples, \nparticularly in situations where only a part of the amount outstanding is paid by the \ncustomer.  \n23. Further, the card-issuers shall adhere to the following directions relating to interest rates \nand other charges on credit cards:  \n(1) Card-issuers shall quote Annualized Percentage Rates (APR) on credit cards for \ndifferent situations such as retail purchases, balance transfer, cash advances, non-\npayment of minimum amount due, late payment etc., if different. The method of \ncalculation of APR shall be given with clear examples for better comprehension. The \nAPR charged, and the annual fee shall be shown with equal prominence. The late \npayment charges, including the method of calculation of such charges and the number \nof days, shall be prominently indicated. The manner in which the outstanding unpaid \namount has been arrived at for calculation of interest shall also be specifically shown \nwith prominence in all the billing statements. These aspects shall also be shown in the \nWelcome Kit in addition to being shown in the billing statements.   \n(2) The terms and conditions for payment of credit card dues, including the minimum \namount due, shall be stipulated so as to ensure there is no negative amortization. Card-\nissuers shall not capitalize i.e., levy interest or any other charges, on the unpaid \ntaxes/levies/charges. Illustration: The outstanding amount of a credit card account at \nthe end of month A is ₹10,000. Interest is calculated at a rate of 2% per month. \nTherefore, if the total outstanding is not paid on or before the due date, it would require \npayment of interest of ₹200 (2% of 10,000) along with tax and other charges of ₹50 \n(indicative figure) totalling to ₹250 in addition to the outstanding. The Minimum Amount \nDue (MAD) for the month A shall be calculated in a way that it does not result in negative \namortization. Accordingly, the MAD shall not be less than ₹250 (indicative figure), so as \nto avoid capitalisation of interest or other charges in the subsequent statement. \n(3) Card-issuers shall inform the cardholders of the implications of paying only ‘the \nminimum amount due’. A legend / warning to the effect that “Making only the minimum"}
{"text": "payment every month would result in the repayment stretching over months / years with \nconsequential compounded interest payment on your outstanding balance\" shall be \nprominently displayed in all the billing statements to caution the cardholders about the \npitfalls in paying only the minimum amount due. The MITC shall specifically explain that \nthe ‘interest-free credit period’ is suspended if any balance of the previous month’s bill \nis outstanding.   \n(4) For this purpose, card-issuers shall work out illustrative examples and include the same \nin the Welcome Kit sent to the cardholders and also place it on their website.  \n(5) Card-issuers shall report a credit card account as 'past due' to credit information \ncompanies (CICs) or levy penal charges, viz. late payment charges and other related \ncharges, if any, only when a credit card account remains 'past due' for more than three \ndays. The number of 'days past due' and late payment charges shall, however, be \ncomputed from the payment due date mentioned in the credit card statement, as \nspecified under the Reserve Bank of India (Commercial Banks – Income Recognition, \nAsset Classification and Provisioning) Directions, 2025 amended from time to time.  \nLate payment charges and other related charges shall be levied, only on the \noutstanding amount after the due date, and not on the total amount due.  \n(6) Interest shall be levied only on the outstanding amount, adjusted for payments / refunds \n/ reversed transactions.  \nExplanation: In case a cardholder makes partial payment or does not clear the total \namount due within the payment due date, interest free credit period will be lost, and \ninterest may be levied from the date of transaction on the outstanding amount (adjusted \nfor payments / refunds / reversed transactions as and when credited) and not on the \ntotal amount due. Further, late payment fee and other charges relating to delay in \npayment shall be levied only on the outstanding amount (adjusted for payments / \nrefunds / reversed transactions as and when credited) after the payment due date and \nnot on the total amount due. \n(7) Changes in charges shall be made only with prospective effect giving prior notice of at \nleast one month. If a cardholder desires to surrender his / her card on account of any \nchange in charges to his / her disadvantage, he / she shall be permitted to do so without"}
{"text": "levying any extra charge for such closure, subject to payment of all dues by the \ncardholder.   \n(8) There shall not be any hidden charges while issuing credit cards free of charge.    \nG. Billing  \n24. Card-issuers shall ensure that there is no delay in sending / dispatching / emailing bills / \nstatements and the customer has sufficient number of days (at least one fortnight) for \nmaking payment before the interest starts getting charged. In order to obviate frequent \ncomplaints of delayed billing, the card-issuer may consider providing bills and statements \nof accounts through internet / mobile banking with the explicit consent of the cardholder. \nCard-issuers shall put in place a mechanism to ensure that the cardholder is in receipt of \nthe billing statement.  \n25. Card-issuers shall ensure that wrong bills are not raised and issued to cardholders. In \ncase, a cardholder protests any bill, the card-issuer shall provide explanation and, \nwherever applicable, documentary evidence shall be provided to the cardholder within a \nmaximum period of 30 days from the date of complaint.  \n26. Card-issuers shall provide the list of payment modes authorised by them for making \npayment towards the credit card dues, in their websites and billing statements. Further, \ncard-issuers shall advise cardholders to exercise due caution and refrain from making \npayments through modes other than those authorised by them.  \n27. No charges shall be levied on transactions disputed as ‘fraud’ by the cardholder until the \ndispute is resolved.  \n28. Any debit to the credit card account shall be done as per the authentication framework \nprescribed by the Reserve Bank from time to time, and not through any other mode / \ninstrument.  \n29. Card-issuers do not follow a standard billing cycle for all credit cards issued. In order to \nprovide flexibility in this regard, cardholders shall be provided option to modify the billing \ncycle of the credit card at least once, as per cardholders’ convenience.  \nExplanation: The cardholder shall be provided option to choose any date as the starting \nor closing day of the billing cycle at least once. Further, card-issuers may provide the \noption to modify the billing cycle through multiple channels such as helpline, dedicated e-"}
{"text": "mail-id, Interactive Voice Response (IVR), internet banking, mobile-application and any \nother mode. \n30. Any credit amount arising out of refund / failed / reversed transactions or similar \ntransactions before the due date of payment for which payment has not been made by \nthe cardholder, shall be immediately adjusted against the ‘payment due’ and notified to \nthe cardholder.  \n31. Card-issuers shall seek explicit consent of the cardholder to adjust credit amount beyond \na cut-off, one percent of the credit limit or ₹5000, whichever is lower, arising out of refund \n/ failed / reversed transactions or similar transactions against the credit limit for which \npayment has already been made by the cardholder. The consent shall be obtained \nthrough e-mail or SMS within seven days of the credit transaction. The card-issuers shall \nreverse the credit transaction to the cardholder’s bank account, if no consent / response \nis received from the cardholder. Notwithstanding the cut-off, if a cardholder makes a \nrequest to the card-issuer for reversal of the credit amount outstanding in the card account \ninto his / her bank account, the card-issuer shall do it within three working days from the \nreceipt of such request.  \nIllustration: For a typical credit card with billing cycle from October 1, 2023 to October \n30, 2023, it is assumed that the bill is generated on October 30, 2023 and the due date \nof payment is November 19, 2023. The different scenarios for adjustment of credit are \ndetailed below:  \n Scenario 1 – Credit of refund / failed / reversed transaction within the same billing \ncycle  \no Purchase transaction date – October \n15, 2023   \no Refund on October 19, 2023 - For \ncancellation \nof \npurchase \ndated \nOctober 15, 2023  \nAs bill is yet to be generated in the given case, \nthe refund amount received on October 19, \n2023, shall be adjusted with other debits, prior \nto calculation of the Total Amount Due.  \nScenario 2 – Credit of refund / failed / reversed transaction post generation of bill \nbut before making payment of the dues"}
{"text": "o Purchase transaction date -  \nOctober 29, 2023   \no Refund on November 04, 2023 - For \ncancellation of purchase dated October \n29, 2023  \n  \nThe bill is generated on October 30, 2023, \nhowever, the payment towards the dues has not \nbeen made till the date of refund. Therefore, the \nrefund amount received on November 04, 2023, \nshall be adjusted towards the Total Amount Due \n(TAD) and accordingly the cardholder will be \nrequired to pay only the remaining outstanding \n(Remaining outstanding = TAD – Refund \namount).  \nScenario 3 – Credit of refund / failed / reversed transaction for which payment has \nalready been made  \no Purchase transaction date -  \nOctober 30, 2023   \no Payment  towards  \ndues  –  \nNovember 06, 2023  \no Refund on November 07, 2023 - For \ncancellation of purchase dated October \n30, 2023  \n  \nAs the cardholder has already cleared the dues, \ncard-issuers shall seek explicit consent of the \ncardholder to adjust the refund amount in line \nwith the provision stipulated at paragraph 31 of \nthe MD.  \n Case I - If the cardholder gives explicit \nconsent, then refund amount shall be \nadjusted.  \n Case II - If the cardholder does not provide \nthe consent or no response is received for \nadjustment of the refund, then the refund \namount will be credited to the bank account \nof the cardholder in line with paragraph 31.  \nFurther, if the cardholder makes a request for \ncrediting the refund (transaction for which \npayment has already been made), the same \nshall be credited back to the bank account of \nthe cardholder irrespective of the cut off \ndefined under paragraph 31."}
{"text": "Note: The card-issuers may put in place a suitable mechanism to prevent evergreening of \nthe credit facility.   \n32. For business credit cards wherein the liability rests fully with the corporate or business \nentity (principal account holder), timeframe provided for payment of dues and adjustment \nof refunds may be as agreed between the card-issuer and the principal account holder.  \nH. Issue of unsolicited facilities  \n33. Unsolicited loans or other credit facilities shall not be offered to the credit cardholders \nwithout seeking explicit consent. In case an unsolicited credit facility is extended without \nthe written / explicit consent of the cardholder and the latter objects to the same, the card-\nissuer shall not only withdraw the facility, but also be liable to pay such penalty as may be \nconsidered appropriate by the RBI Ombudsman, if approached.  \n34. Card-issuers shall not unilaterally upgrade credit cards and enhance credit limits. Explicit \nconsent of the cardholder shall invariably be taken whenever there is / are any change/s \nin terms and conditions. In case of reduction in the credit limit, the card-issuer shall \nintimate the same to the cardholder.   \nI. Reporting to Credit Information Companies   \n35. For providing information relating to credit history / repayment record of the cardholder to \na Credit Information Company (that has obtained Certificate of Registration from RBI), the \ncard-issuer shall explicitly bring to the notice of the customer that such information is being \nprovided in terms of the Credit Information Companies (Regulation) Act, 2005.  \n36. Before reporting default status of a credit cardholder to a Credit Information Company \n(CIC), the card-issuers shall ensure that they adhere to the procedure, approved by their \nBoard, and intimate the cardholder prior to reporting of the status. In the event the \ncardholder settles his / her dues after having been reported as defaulter, the card-issuer \nshall update the status with CIC within 30 days from the date of settlement. Card-issuers \nshall be particularly careful in the case of cards where there are pending disputes. The \ndisclosure / release of information, particularly about the default, shall be made only after \nthe dispute is settled. In all cases, a well laid down procedure shall be transparently \nfollowed and be made a part of MITC."}
{"text": "J. Customer Conduct  \n37. In the matter of recovery of dues, card-issuers shall ensure that they, as also their agents, \nadhere to the extant instructions on Fair Practices Code for lenders.   \n38. In particular, with regard to appointment of third-party agencies for debt collection, the \ncard-issuers shall ensure that their agents refrain from actions that could damage their \nintegrity and reputation and observe strict customer confidentiality. All communications \nissued by recovery agents must contain the name, email-id, telephone number and \naddress of the concerned senior officer of the card-issuer whom the customer can contact. \nFurther, card-issuers shall provide the name and contact details of the recovery agent to \nthe cardholder immediately upon assigning the agent to the cardholder.  \n39. Card-issuers / their agents shall not resort to intimidation or harassment of any kind, either \nverbal or physical, against any person in their debt collection efforts, including acts \nintended to humiliate publicly or intrude upon the privacy of the credit cardholders’ family \nmembers, referees and friends, making threatening and anonymous calls or making false \nand misleading representations.   \n40. Card-issuers shall ensure to comply with the extant guidelines in respect of engagement \nof recovery agents issued by the Reserve Bank, as amended from time to time.  \n41. The disclosure of customers’ information to the DSAs / DMAs / recovery agents shall also \nbe limited to the extent that will enable them to discharge their duties. Personal information \nprovided by the cardholder but not required for recovery purposes shall not be released \nby the card-issuer. The card-issuer shall ensure that the DSAs / DMAs / recovery agents \ndo not transfer or misuse any customer information during marketing of credit card \nproducts.  \n42. When card-issuers outsource various credit card related operations, they shall be \nextremely careful that the appointment of such service providers do not compromise the \nquality of the customer service and the card-issuers' ability to manage credit, liquidity and \noperational risks. In the choice of the service provider, the card-issuers shall be guided by \nthe need to ensure confidentiality of the customer’s records, respect customer privacy and \nadhere to fair practices in debt collection.  \n43. Card-issuers shall have a system of random checks and mystery shopping to ensure that \ntheir agents have been properly briefed and trained as to how to handle customers and \nare also aware of their responsibilities, particularly with regard to soliciting customers,"}
{"text": "hours for calling, privacy of customer information, conveying the correct terms and \nconditions of the product on offer.  \n44. Card-issuers shall ensure that their employees / agents do not indulge in mis-selling of \ncredit cards by providing incomplete or incorrect information to the customers, prior to the \nissuance of a credit card. The card-issuers shall also be liable for the acts of their agents. \nRepetitive complaints received in this regard against any employee / agent shall be taken \non record by the card-issuer and appropriate action shall be initiated against them \nincluding blacklisting of such agents. A dedicated helpline and email-id shall be available \nfor the cardholders to raise complaints against any act of mis-selling or harassment by the \nrepresentative of the card-issuer."}
{"text": "Chapter III – Issue of Debit Card by Banks \nA.  Issue of Debit Card  \n45. Banks shall formulate a comprehensive debit cards issuance policy with the approval of \ntheir Boards and issue debit cards to their customers in accordance with this policy. Prior \napproval of the Reserve Bank is not necessary for banks desirous of issuing debit cards \nto their customers.   \n46. Debit cards shall only be issued to customers having Savings Bank / Current Accounts.  \n47. The bank shall not issue debit cards to cash credit / loan accounts. However, it will not \npreclude the banks from linking the overdraft facility provided along with Pradhan Mantri \nJan Dhan Yojana accounts or Kisan Credit Card accounts with a debit card.   \n48. Banks shall not force a customer to avail debit card facility and shall not link issuance of \ndebit card to availment of any other facility from the bank.  \nB. Review of operations  \n49. The banks shall undertake review of their operations / issue of debit cards on half-yearly \nbasis. The review shall include, inter-alia, card usage analysis including cards not used \nfor long durations and the inherent risks therein.  \nC. Board Approved Policy and Procedures \n50. A bank shall formulate comprehensive policy / policies and procedures with the approval \nof its Board covering, inter alia, the following aspects:  \n(1) Debit card issuance. \n(2) Co-branding arrangement (as applicable). \n(3) Standard operating procedure for discretionary blocking / deactivating / suspending \na debit card. \n(4) Time period for completion of formalities after blocking a lost card. \n(5) Redressal of grievances and compensation framework. \nThe specific aspects to be addressed in these policies / procedures are detailed in the \nrelevant paragraphs of these Directions."}
{"text": "Chapter IV – Form Factor \nA. Issue of Form Factor   \n51. Card-issuers may issue other form factors in place of / in addition to a plastic debit / credit \ncard such as wearables, after obtaining explicit consent from the customer.   \n52. Form factors shall be subject to all the specific and general guidelines applicable to the \nrespective cards.  \n53. Card-issuers shall provide options for disabling or blocking the form factor in line with the \ninstructions issued by the Reserve Bank from time to time."}
{"text": "Chapter V – Co-branding Arrangement \nA. Issue of Co-branded Cards  \n54. Prior approval of the Reserve Bank is not necessary for the issuance of co-branded debit \ncards, co-branded prepaid cards and co-branded credit cards subject to conditions \nstipulated under this chapter. In addition to the conditions listed herein, the co-branding \narrangement for credit cards, debit cards and prepaid cards shall also be subject to the \nspecific conditions applicable to such cards.   \n55. The co-branded card shall explicitly indicate that the card has been issued under a \ncobranding arrangement. The co-branding partner shall not advertise / market the \ncobranded card as its own product. In all marketing / advertising material, the name of the \ncard-issuer shall be clearly shown.   \n56. The co-branded card shall prominently bear the branding of the card-issuer.  \n57. A card-issuer can partner with more than one co-branding partner for a card. \nB. Board approved policy  \n58. The co-branding arrangement shall be as per the Board approved policy of the card-\nissuer. The policy shall specifically address issues pertaining to various risks, including \nreputation risk associated with such an arrangement and put in place suitable risk \nmitigation measures. Further, the information relating to revenue sharing between the \ncard-issuer and the cobranding partner entity shall be indicated to the cardholder and also \ndisplayed on the website of the card-issuer.  \nC. Due diligence  \n59. Card-issuers shall carry out due diligence in respect of the co-branding partner entity with \nwhich they intend to enter into tie-up for issue of such cards to protect themselves against \nthe reputation risk they are exposed to in such an arrangement. Card-issuers shall ensure \nthat in cases where the proposed co-branding partner is a financial entity, it has obtained \nnecessary approvals from its regulator for entering into the co-branding arrangement.  \nD. Outsourcing of activities  \n60. Card-issuers shall also be liable for the acts of the co-branding partner. The card-issuer \nshall ensure adherence to Reserve Bank of India (Commercial Banks – Managing Risks"}
{"text": "in Outsourcing) Directions, 2025, as amended from time to time. Card-issuers shall ensure \nthat cash backs, discounts and other offers advertised by a co-branding partner are \ndelivered to the cardholder on time. Card-issuers shall be liable for any delay or non-\ndelivery of the same to the cardholders.  \nE. Role of co-branding partner entity  \n61. The role of the co-branding partner entity under the tie-up arrangement shall be limited to \nmarketing / distribution of the cards and providing access to the cardholder for the goods \n/ services that are offered.   \n62. The co-branding partner (CBP) shall not have access to information relating to \ntransactions undertaken through the co-branded card irrespective of any other service \noffered by them to the card-issuer. Post issuance of the card, the CBP shall not be \ninvolved in any of the processes or the controls relating to the co-branded card except for \nbeing the initial point of contact in case of grievances. However, for the purpose of \ncardholder’s convenience, card transaction related data may be drawn directly from the \ncard-issuer’s system in an encrypted form and displayed in the CBP’s platform with robust \nsecurity. The information displayed through the CBP’s platform shall be visible only to the \ncardholder and shall neither be accessed nor be stored by the CBP. \nF. Co-branding with card-issuers  \n63. Prior approval shall not be required by the banks to become a co-branding partner of card-\nissuers. The role of the co-branding partner shall be as per the conditions stipulated under \nparagraphs 61 and 62."}
{"text": "Chapter VI – General Guidelines for Credit and Debit Cards \nA. General Conditions  \n64. Card-issuers shall keep internal records to enable operations to be traced and errors to \nbe rectified (taking into account the law of limitation for the time barred cases) as \nprescribed under Reserve Bank of India (Commercial Banks – Know Your Customer) \nDirections, 2025, as amended from time to time.   \n65. The cardholder shall be provided with a record of the transactions after they have \ncompleted it, immediately in the form of receipt or another form such as the bank \nstatement / email / SMS.  \n66. With a view to reducing the instances of misuse of lost / stolen cards, it is recommended \nto the card-issuers that they may consider issuing card with advanced features that may \nevolve from time to time.  \n67. In case card-issuers, at their discretion, decide to block / deactivate / suspend a debit or \ncredit card, it shall be ensured that a standard operating procedure is followed as \napproved by their Board.  Further, it shall also be ensured that blocking / deactivating / \nsuspending a card or withdrawal of benefits available on any card is immediately intimated \nto the cardholder along with reasons thereof through electronic means (SMS, email, etc.) \nand other available modes.  \nExplanation: De-activation / Blocking of a credit card temporarily curtails the ability of a \ncardholder to make any transaction in a credit card account while still maintaining the credit \n/ account relationship with the card-issuer whereas closure of a credit card amounts to \ntermination of the account-based relationship between the cardholder and the card-issuer.  \n68. Card-issuers shall block a lost card immediately on being informed by the cardholder and \nformalities, if any, can follow within a reasonable period clearly defined in the Board \napproved policy.   \n69. Card-issuers shall provide to the cardholder the detailed procedure to report the loss, theft \nor unauthorised use of card or PIN. They shall provide multiple channels such as a \ndedicated helpline, dedicated number for SMS, dedicated e-mail-id, Interactive Voice \nResponse, clearly visible link on the website, internet banking and mobile-app or any other \nmode for reporting an unauthorized transaction on 24 x 7 basis and allow the customer to \ninitiate the blocking of the card. The process for blocking the card, dedicated helpline as"}
{"text": "well as the SMS numbers, shall be adequately publicized and included in the billing \nstatements.   \n70. Card-issuers shall immediately send a confirmation to the cardholder subsequent to the \nblocking of a card.  \n71. A card-issuer shall not dispatch a card to a customer unsolicited. In case of renewal of an \nexisting card, the cardholder shall be provided an option to decline the same if he / she \nwants to do so before dispatching the renewed card. Further, in case a card is blocked at \nthe request of the cardholder, replacement card in lieu of the blocked card shall be issued \nwith the explicit consent of the cardholder.  \n72. Any discounts, cashbacks, reward points, loyalty points or any other benefits offered by \nthe card-issuer shall be provided in a transparent manner including source of such \nbenefits. The accounting process for the same shall be verifiable in the books of the card-\nissuer. Detailed information regarding these benefits shall be displayed on the website of \nthe card-issuer and a copy of the same shall also be provided to the cardholder.  \n73. The Reserve Bank has not prescribed any requirement for insurance cover on credit and \ndebit cards. However, in case a card-issuer or a card payment network provides an \ninsurance cover, complimentary or chargeable (with the consent of the cardholder), the \ncard-issuer shall ensure that the relevant nomination details are recorded by the \nInsurance Company and the availability of insurance is included, along with other \ninformation, in every statement. The information shall also include the details regarding \nthe insurance cover, name / address and telephone number of the Insurance Company \nwhich will handle the claims relating to the insurance cover. In case of group insurance \npolicy, the contact details of the concerned officials of the card-issuer shall be provided in \nthe statements. \nB. Terms and conditions for issue of cards to customers  \n74. The relationship between the card-issuer and the cardholder shall be contractual. Card-\nissuers shall make available to the cardholders in writing, a set of contractual terms and \nconditions governing the issue and use of such cards. These terms shall be expressed \nclearly and also maintain a fair balance between the interests of the parties concerned."}
{"text": "75. The terms and conditions for the issue and usage of a card shall be mentioned in clear \nand simple language (preferably in English, Hindi and the local language) comprehensible \nto the cardholder.  \n76. Card-issuers shall not levy any charge that was not explicitly indicated to the cardholders \nat the time of issue of the card and without getting their explicit consent. However, this \nshall not be applicable to charges like service taxes which may subsequently be levied by \nthe Government or any other statutory authority. The details of all the charges associated \nwith cards shall be displayed on the card-issuer’s website.  \n77. The convenience fee, if any charged on specific transactions, shall be indicated to the \ncardholder in a transparent manner, prior to the transaction.  \n78. The terms shall clearly specify the time-period for reversal of unsuccessful / failed \ntransactions and the compensation payable for failure to meet the specified timeline.   \n79. The terms may be altered by the card-issuer, but 30 days’ notice of the change shall be \ngiven to the cardholder to enable him / her to withdraw if he / she so chooses. After the \nnotice period of 30 days, the cardholder would be deemed to have accepted the terms if \nhe / she had not withdrawn during the specified period. The change in terms shall be \nnotified to the cardholder through all the communication channels available.   \n80. The terms shall put the cardholder under an obligation to take all appropriate steps to \nkeep the card safe and not to record the PIN or code, in any form that would be intelligible \nor otherwise accessible to any third party if access is gained to such a record, either \nhonestly or dishonestly.  \n81. The terms shall specify that the card-issuer shall exercise care when issuing PINs or \ncodes and shall be under an obligation not to disclose the cardholder’s PIN or code to \nanyone, except to the cardholder.   \nC. Compliance with Other instructions  \n82. The issue of cards as a payment mechanism shall also be subject to relevant instructions \non cash withdrawal, issue of international card, security issues and risk mitigation \nmeasures, card-to-card fund transfers, merchant discount rates structure, failed ATM \ntransactions, etc, issued by the Department of Payment and Settlement Systems, \nReserve Bank of India under the Payment and Settlement Systems Act, 2007, and the"}
{"text": "Foreign Exchange Department, Reserve Bank of India under Foreign Exchange \nManagement Act, 1999, as amended from time to time.  \nD. Redressal of grievances  \n83. Card-issuers shall put in place a Grievance Redressal Mechanism within the card issuing \nentity and give wide publicity about it through electronic and print media. The name, direct \ncontact number, email-id and postal address of the designated grievance redressal officer \nof the card-issuer shall be mentioned on the credit card bills and account statements. The \ndesignated officer shall ensure that grievances of cardholders are redressed promptly \nwithout any delay. Specific timelines may be stipulated in the Board approved policy for \nissuance of cards, redressal of grievances and compensation framework. The grievance \nredressal procedure and the Board approved policy shall be displayed on the website of \nthe card-issuer with a clearly visible link on the homepage.  \n84. Card-issuers shall ensure that their call centre staff are trained adequately to competently \nhandle and escalate, a complaint, if necessary. The Grievance Redressal process shall \nhave a provision for automatic escalation of unresolved complaints from a call center / \nbase level to higher authorities. There shall be a system of acknowledging customers' \ncomplaints for follow up, such as complaint number / docket number, even if the \ncomplaints are received over phone.  \n85. Card-issuers shall be liable to compensate the complainant for the loss of his / her time, \nexpenses, financial loss as well as for the harassment and mental anguish suffered by \nhim/her for the fault of the card-issuer and where the grievance has not been redressed \nin time. For redressal of his / her grievance, the customer must first approach the \nconcerned card-issuer. If the card-issuer does not respond within a period of 30 days after \nfiling of the complaint or rejects the complaint wholly / partly or if the customer is not \nsatisfied with the response / resolution given by the card-issuer, the customer can lodge \nhis / her a complaint with the Ombudsman, Reserve Bank through any of the following \nmethods:  \n(1) \nOnline at https://cms.rbi.org.in.  \n(2) \nPhysical complaint (letter / post) in the form as specified in Annexure ‘A’ of the Reserve \nBank - Integrated Ombudsman Scheme, 2021 to “Centralised Receipt and Processing \nCentre, 4th Floor, Reserve Bank of India, Sector-17, Central Vista, Chandigarh - \n160017”."}
{"text": "E. Confidentiality of customer information  \n86. Card-issuers shall not reveal any information relating to customers obtained at the time of \nopening the account or issuing the card to any other person or organization without \nobtaining their explicit consent, with regard to the purpose/s for which the information will \nbe used and the organizations with whom the information will be shared. Card-issuers \nshall ensure strict compliance to the extant legal framework on data protection. Further, \nin case where the customers give explicit consent for sharing the information provided by \nthem with other agencies, card-issuers shall clearly state and explain to the customer the \nfull meaning / implications of the disclosure clause. The information sought from \ncustomers shall not be of such nature which will violate the provisions of law relating to \nmaintenance of secrecy in the transactions. The card-issuers shall be solely responsible \nfor the correctness or otherwise of the data provided for the purpose.  \n87. Under a co-branding arrangement, the co-branding entity shall not be permitted to access \nany details of customer’s accounts that may violate the card-issuer’s secrecy obligations.  \n88. Card-issuers, which were granted specific approvals for issuance of co-branded cards in \nthe past, are advised to ensure that the co-branding arrangement is in conformity with the \ninstructions issued under Chapter V above. In case, the co-branding arrangement is \nbetween two banks, the card issuing bank shall ensure compliance with the relevant \ninstructions.  \nF. Outsourcing of various services  \n89. Card-issuers shall ensure adherence to the Reserve Bank of India (Commercial Banks - \nManaging Risks in Outsourcing) Directions, 2025, as amended from time to time. Further, \nthe card-issuers shall not share card data (including transaction data) of the cardholders \nwith the outsourcing partners unless sharing of such data is essential to discharge the \nfunctions assigned to the latter. In case of sharing of any data as stated above, explicit \nconsent from the cardholder shall be obtained. It shall also be ensured that the storage \nand the ownership of card data remains with the card-issuer."}
{"text": "G. Compliance with Know Your Customer (KYC) Norms / Anti-Money Laundering (AML) \nStandards / Combating of Financing of Terrorism (CFT) / Obligation under the PMLA, \n2002  \n90. The instructions / Directions on KYC / AML / CFT issued by RBI from time to time, shall \nbe strictly adhered to in respect of all cards issued, including co-branded cards."}
{"text": "Chapter VII – Miscellaneous \nA. Contents of the Most Important Terms and Conditions   \n91. Card-issuers shall provide to the cardholder the term-sheet containing the MITC. The \ndocument should contain the following details:  \n(1) Fees and Charges  \n(i) Joining fees for primary cardholder and for add-on cardholder/s  \n(ii) Annual membership fees for primary and add-on cardholder/s  \n(iii) Cash advance fee  \n(iv) Service charges levied for transactions  \n(v) Interest free (grace) period - illustrated with examples  \n(vi) Finance charges for both revolving credit and cash advances  \n(vii) Overdue interest charges - to be given on monthly & annualised basis  \n(viii) Charges in case of default  \n(2) Drawal Limits  \n(i) Credit limit  \n(ii) Available credit limit  \n(iii) Cash withdrawal limit   \n(3) Billing  \n(i) Billing statements - periodicity and mode of sending  \n(ii) Minimum amount payable  \n(iii) Method of payment  \n(iv) Billing disputes resolution  \n(v) Complete postal address of card-issuer  \n(vi) Toll free number, email-id and dedicated telephone number for SMS for \ncustomer care services, contact details of Grievance Redressal Official  \n(4) Default and Circumstances  \n(i) Procedure including notice period for reporting a cardholder as defaulter  \n(ii) Procedure for withdrawal of default report and the period within which the default \nreport would be withdrawn after settlement of dues  \n(iii) Recovery procedure in case of default"}
{"text": "(iv) \nRecovery of dues in case of death / permanent in capacitance of cardholder  \n(v) \nAvailable insurance cover, if any, for cardholder and date of activation of policy \nincluding nomination details  \n(5) Termination / Revocation of Card Membership  \n(i) Procedure for surrender / closure of card by cardholder   \n(ii) Link provided exclusively for the above on the website  \n(iii) Contact details for the cardholder to initiate closure – email-id, dedicated \ntelephone number for SMS, IVRS  \n(iv) Procedure for closure of card account if the card has not been used for more \nthan one year  \n(6) Loss / Theft / Misuse of Card  \n(i) Procedure to be followed in case of loss / theft / misuse of card - mode of \nintimation to card-issuer  \n(ii) Prominently visible web-site link, phone banking, SMS, e-mail, IVR, a dedicated \ntollfree helpline, reporting to home branch, etc. for reporting unauthorised \ntransactions and initiating blocking of card  \n(iii) Liability of cardholder in case of (i) above in terms of Reserve Bank of India \n(Commercial Banks – Responsible Business Conduct) Directions, 2025.  \n(7) Grievance Redressal and Compensation Framework  \n(i) \nGrievance redressal and escalation process  \n(ii) \nTimeline for redressal of grievances  \n(iii) \nCompensation framework for unsuccessful / failed transactions, delay in \nredressal of grievance, delay in closing of account / blocking of lost or stolen \ncards, etc.  \n(iv) \nContact particulars of card-issuer - 24-hour call centres, email-ids, helpline, \nother important telephone numbers   \n(8) Disclosure   \n(i) \nType of information relating to cardholder to be disclosed with and without \napproval of cardholder"}
{"text": "B. Disclosure of the MITC \n92. Items to be disclosed in stages:  \n(1) During marketing - Item no: 91 (1)  \n(2) At application - Key fact statement containing items from 91 (1) to (3) and any additional \ninformation that the customer may desire.  \n(3) Welcome kit - Item nos: all items from 91 (1) to (8)   \n(4) On billing - Item nos: 91 (1) to (3)   \n(5) On an ongoing basis, any change of the terms and conditions  \n(6) Note:  \n(i) The font size of MITC shall be minimum Arial-12  \n(ii) The normal terms and conditions communicated by the card-issuer to the cardholder \nat different stages shall continue as hitherto."}
{"text": "Chapter VIII – Repeal and Other Provisions \nA. Repeal and saving \n93. With the issue of these Directions, the existing Directions, instructions, and guidelines \nrelating to Credit Card and Debit Card: Issuance and Conduct as applicable for \nCommercial \nBanks \nstand \nrepealed, \nas \ncommunicated \nvide \ncircular \nDOR.RRC.REC.302/33-01-010/2025-26 dated November 28, 2025. The Directions, \ninstructions and guidelines already repealed shall continue to remain repealed. \n94. Notwithstanding such repeal, any action taken or purported to have been taken, or \ninitiated under the repealed Directions, instructions, or guidelines shall continue to be \ngoverned by the provisions thereof. All approvals or acknowledgments granted under \nthese repealed lists shall be deemed as governed by these Directions. Further, the repeal \nof these directions, instructions, or guidelines shall not in any way prejudicially affect: \n(1) any right, obligation or liability acquired, accrued, or incurred thereunder;  \n(2) any, penalty, forfeiture, or punishment incurred in respect of any contravention \ncommitted thereunder;  \n(3) any investigation, legal proceeding, or remedy in respect of any such right, privilege, \nobligation, liability, penalty, forfeiture, or punishment as aforesaid; and any such \ninvestigation, legal proceedings or remedy may be instituted, continued, or enforced \nand any such penalty, forfeiture or punishment may be imposed as if those directions, \ninstructions, or guidelines had not been repealed. \nB. Application of other laws not barred \n95. The provisions of these Directions shall be in addition to, and not in derogation of the \nprovisions of any other laws, rules, regulations, or directions, for the time being in force. \nC. Interpretations \n96. For the purpose of giving effect to the provisions of these Directions or in order to remove \nany difficulties in the application or interpretation of the provisions of these Directions, the \nRBI may, if it considers necessary, issue necessary clarifications in respect of any matter \ncovered herein and the interpretation of any provision of these Directions given by the RBI \nshall be final and binding."}
{"text": "D. Exemptions  \n97. The RBI may, if it considers necessary for avoiding any hardship or for any other just and \nsufficient reason, grant extension of time to comply with or exempt any bank, from any of \nthe provisions of these Directions either generally or for any specified period, subject to \nsuch conditions as the RBI may impose.  \n \n(Manoranjan Padhy) \nChief General Manager"}