The balance of power between consumers and credit card providers has shifted decisively towards the former, with a new set of Reserve Bank of India guidelines ushering in transparency and accountability.
The new RBI norms stipulate, among other things, that banks and NBFCs must quote annualised interest rates upfront, address complaints of incorrect billing within 60 days, protect customer confidentiality, end harassment of unwilling consumers through telemarketing, and ensure fair practices during debt collection.
For this complete story, please visit India Regulators Issue New Laws Concerning Credit Cards, Collections.
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