T Credit Card New Rules: Banks to Pay Rs 500 Each Day if Card is Not Closed Within a Week Subsequent to closure of credit card account, any credit balance available in credit card accounts shall be transferred to the cardholder’s bank account, the RBI has said in its guidelines APRIL 22, 2022, 12:53 IST Facebook Twitter Instagram Telegram Google News SWASTIKA DAS SHARMA he Reserve Bank of India has recently amended rules regarding credit and debit cards, including those relating to closure of credit cards. The central bank has come up with master directions on issuance and operation of credit and debit cards. The provisions relating to this under the Reserve Bank of India (Credit Card and Debit Card – Issuance and Conduct) Directions, 2022, will come into effect from July 1 this year.
“In exercise of the powers conferred by Sections 35A and Section 56 of the Banking Regulation Act, 1949 and Chapter IIIB of the Reserve Bank of India Act, 1934, the Reserve Bank of India being satisfied that it is necessary and expedient in the public interest so to do, hereby, issues the Directions hereinafter specified,” the RBI stated in a release dated Thursday, April 21. The provisions of these Directions relating to credit cards shall apply to every Scheduled Bank (excluding Payments Banks, State Co-operative Banks and District Central Co-operative Banks) and all Non-Banking Financial Companies (NBFCs) operating in India, it said.
