RBI to set norms for card bills February 24, 2010
Posted by vinodchand in Banking, CIBIL, Credit Card Issues, Credit Cards, Credit Consumers Association of India News.trackback
News Report appearing in Times of India dated 24th February 2010
NEW DELHI: If you are among thousands of credit card holders who have been blacklisted in the banks’ central database even after dues have been settled, there’s some relief coming your way. RBI is framing guidelines telling banks not to declare someone a defaulter if the person has settled his or her account with the bank after paying the negotiated amount.
At present, even if a card holder pays the negotiated amount, the client is continued to be treated as a defaulter in the bank’s records. Because of this, the name features in the defaulters list prepared by Credit Information Bureau of India Ltd (CIBIL), which depends on the information provided by banks for the purpose.
Ever since CCAI came into existence we have been representing to the regulator about this fact. It has taken them four years to wake up to this menace. I am sure one of the RBI officers must have fallen into this trap and woken up to the problem. Otherwise RBI is a giant that sleeps.
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