RBI has come out with additional guidelines on digital lending. This is much needed. All of us have read news of unsuspecting borrowers being threatened for loan repayment. All kinds of methods were used to embarrass and harass borrowers. A few borrowers even ended their lives in the face of this continuous intimidation. Access to… Continue Reading
The Reserve Bank published Master directions on Credit and debit card issuances in April 2022. In the previous post, we looked at the rules pertaining to the closure of credit card accounts. In this post, I will focus on the changes in the billing rules for the credit cards. #1 No Charge for Disputed Transaction… Continue Reading
Ever tried to close a credit card? If you have, you know it is not easy. Not all banks cooperate when you try to close/cancel a credit card. What if I were to tell you that your bank must pay you a penalty of Rs 500 per day for each day of delay beyond 7… Continue Reading
The Reserve Bank of India has issued master directions for Digital Payment Security Controls in its circular dated Feb 18, 2021. Among other things, the intent is to provide greater security to customers in digital transactions (internet, mobile banking, card transactions etc). The rules come into force in July 2021. The directions apply to the… Continue Reading
Many of us are worried about fraudulent transactions on our credit card or debit cards. And why not? We keep hearing or reading about new and innovative ways of perpetrating card and UPI frauds on unsuspecting account holders. While the fraudsters are usually a step ahead of us and the regulations, a little bit of… Continue Reading
My current credit card expired recently and I was issued a fresh card by the bank. An interesting thing about the new card was the it permitted contactless transactions. Call me paranoid but I was not very comfortable with the contactless feature. I asked the bank to switch off the feature but the bank declined.… Continue Reading
Real estate developers and agents do not really rate highly on trust factor. And examples are aplenty. It is not difficult to see stalled projects while driving along the city. Just think of those buyers who have purchased apartments (not as an investment) in those projects. They have been waiting to move into their dream… Continue Reading