Lok Sabha Passes the Disaster Management (Amendment) Bill, 2024  ||  NCLAT: Can’t Bar Petition u/s 7 of IBC for Default Committed Prior to S.10A Period  ||  NCLAT: Secured Creditor to Pay Liquidator's Fees Under Regulations if Option u/s 52 IBC Exercised  ||  Bom. HC: Authority Processing Duty Credit Scrip Application is the Adjudicating Authority for Appeals  ||  SC: Matters Exclusively Within Jurisdiction of Statutory Authorities are Not Arbitrable  ||  SC: Wife Not Filing Complaint of Cruelty for Years Doesn’t Mean There Was No Cruelty  ||  SC: Gift Deed Conditioned Upon Rendering of Services Without Remuneration is Unconstitutional  ||  SC: Can’t Invoke Preventive Detention against Every Alleged Breach of Peace  ||  SC: Mere Allegations of Harassment Not Enough to Hold Accused Guilty of Abetment of Suicide  ||  SC: No Registration of Further Suits against Places of Worship till Further Orders    

Extension of timeline for implementation of certain provisions of Master Direction - Credit Card and Debit Card - Issuance and Conduct Directions, 2022- (Reserve Bank of India) (21 Jun 2022)

MANU/RMIC/0115/2022

Banking

1. This is with reference to paragraph 1 (b) of the Master Direction - Credit Card and Debit Card - Issuance and Conduct Directions, 2022 ("Master Direction") dated April 21, 2022, wherein the Reserve Bank had prescribed a timeline of July 01, 2022, for implementation of the provisions of the Master Direction.

2. Considering various representations received from the industry stakeholders, it has been decided to extend the timeline for implementation of the following provisions of the Master Direction to October 01, 2022:

a) Paragraph 6(a)(vi) - Card-issuers shall seek One Time Password (OTP) based consent from the cardholder for activating a credit card, if the same has not been activated by the customer for more than 30 days from the date of issuance. If no consent is received for activating the card, card-issuers shall close the credit card account without any cost to the customer within seven working days from date of seeking confirmation from the customer.

b) Paragraph 6(b)(v) - Card-issuers shall ensure that the credit limit as sanctioned and advised to the cardholder is not breached at any point in time without seeking explicit consent from the cardholder.

c) Paragraph 9(b)(ii) - No capitalization of unpaid charges/levies/taxes for charging/ compounding of interest.

3. The stipulated timeline for implementation of rest of the provisions of the Master Direction remains unchanged.

Tags : EXTENSION   IMPLEMENTATION   PROVISIONS  

Share :        

Disclaimer | Copyright 2024 - All Rights Reserved