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Banking FAQs & HowTo Guide
What should a customer do if a credit card is issued without his/her consent (unsolicited card)? Card issuers are prohibited from issuing unsolicited credit cards and are required to seek prior and explicit consent from the customer before issuing a card. However, if the customer receives an unsolicited card, he/she should refrain from activating or […]
In case a cardholder makes partial payment, can a card-issuer charge interest/levy late payment charges on the total amount due? In case a cardholder does not clear the total amount due within the payment due date, interest free credit period will be lost, and interest may be levied from the date of transaction on the […]
No, a bank or Credit card issuers shall not capitalize i.e., levy interest or any other charges, on the unpaid taxes/levies/charges. As the provision contained under para 9(b)(ii) of the MD became effective from October 01, 2022, card-issuers shall not capitalize unpaid taxes/levies/charges that have been billed from October 01, 2022. Checkout Latest Credit Card […]
PSB Employees Get 17% Salary Hike with 5 Days Banking in recently signed 12th Bipartite Salary Revision Joint Note between IBA and UFBU (A joint union of Public Sector Bank Employees). The new salary will be paid since 1st Nov 2022, the due date for the implementation of the 12th Bipartite Wage Revision. Also Read […]
SBI seeks time to give details about electoral bonds and moves supreme court, seeks more time to furnish electoral bond details : Citing operational difficulty, State Bank of India has moved the Supreme Court for extending the date to submit details of electoral bonds till June 30, 2024. Earlier, the Court had asked the bank […]
RBI Bans IIFL Finance From Sanctioning Gold Loans and disbursement from immediate effect. RBI has stopped the IIFL from financing the Gold Loan due to certain material supervisory concerns which were observed in its gold loan portfolio. The Reserve Bank of India (RBI) identified that IIFL Finance had surpassed allowable cash collections and lacked transparency […]
Share of Fixed Deposits in Banks’ Total Deposits up at 60.3% in Dec 2023 – The share of term deposits in scheduled commercial banks (SCBs) total deposits increased to 60.3 per cent in December 2023 from 57.2 per cent in March 2023, according to RBI’s quarterly data. Rising return on term deposits (TDs) is driving […]
In terms of Gazette Notification of Ministry of Home Affairs, Government of India, on and from 9th January, 2015 all the existing Persons of Indian Origin Cardholders Registered as such shall be deemed to be Overseas Citizens of India (OCI) Cardholders. Overseas Citizen of India is defined as under: Any person of full age and […]
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