The Hindu : Business : Banks to evolve code of conduct for credit cards

Online edition of India's National Newspaper
Saturday, Dec 25, 2004

Business

Business

Banks to evolve code of conduct for credit cards

MUMBAI, DEC. 24. Expressing concern over harassment of customers and lack of transparency in levying service charges, the Reserve Bank of India today asked the Indian Banks' Association and banks to evolve a code of conduct for banking entities issuing credit cards.

At a meeting today with the IBA and large credit card issuing banks, the RBI stressed the need for banks to educate customers on their rights and duties relating to credit cards and evolve a voluntary code of conduct to be adopted by these banks.

The focus of today's meeting, held in the wake of significant concerns that had arisen of late in regard to credit card operations of banks and the absence of effective grievance reddressal machinery, examined all issues to minimise and redress customer grievances. The central bank in a release said that it had of late been receiving a large number of complaints from various associations, media and public against banks issuing credit cards.

PTI

Printer friendly page
Send this article to Friends by E-Mail

Business