What are RBI's new guidelines for credit and debit cards effective from July 1?

What are RBI's new guidelines for credit and debit cards effective from July 1?

• By Staff Writer

The new guidelines state that there shouldn’t be any hidden charges on a credit card issued free of charge. While banks can't force customers to avail of debit cards, any changes in credit card charges shall be intimated to the users 30 days prior to implementation. Notably, reasons for rejecting credit card applications shall be given in writing to the user.