3 DAYS - grace period for Credit Card holders – RBI directive
Reserve Bank of India has issued a directive to all scheduled commercial Banks that they can levy penalty to credit card holders only from 3 days after due date.
The directive will benefit those whose payment / transfer of funds gets delayed to intervention of bank holidays or any other reasons.
Only after these permissible 3 days, any reporting is to be made to CIBIL or any other credit information companies regarding the default.
Reserve Bank of India has issued a directive to all scheduled commercial Banks that they can levy penalty to credit card holders only from 3 days after due date.
The directive will benefit those whose payment / transfer of funds gets delayed to intervention of bank holidays or any other reasons.
Only after these permissible 3 days, any reporting is to be made to CIBIL or any other credit information companies regarding the default.
