The RBI on Thursday asked banks to levy any late payment penalty on credit card customers, or report them to credit information companies, only if the payment has been due for more than three days.For banks, RBI said they can treat a credit card as non-preforming asset if the 'minimum amount due' has not been paid within 90 days from the due date.


Reserve Bank Of India (RBI)To bring in greater credit discipline

No Late Payment Fees on Credit Cards Till 3 Days After Due Date

Reserve Bank Of India (RBI)To bring in greater credit discipline as also to provide operational flexibility to credit card issuers, RBI said the 'past due' status of a credit card account for the purpose of asset classification would be reckoned from the payment due date mentioned in the monthly credit card statement."Consequently, in case of banks, a credit card account will be treated as non-performing asset if the minimum amount due, as mentioned in the statement, is not paid fully within 90 days from the payment due date mentioned in the statement," RBI said in a notification.(Source)


మరింత సమాచారం తెలుసుకోండి: