Code of conduct for credit cards24 December 2004
MUMBAI: Expressing concern over harassment of customers and lack of transparency in levying service charges, RBI on Friday asked the Indian Banks' Association and banks to evolve a code of conduct for banking entities issuing credit cards. At a meeting with IBA and large credit card issuing banks, RBI stressed 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.
The focus of the meeting, held in the wake of significant concerns that have arisen in regard to credit card operations of banks and absence of an effective grievance addressal machinery, examined all issues to minimise and redress customer grievances.
RBI said it received a large number of complaints from various associations, media and public.
Source: The Times of India
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