RBI regulation on exorbitant charges by credit card issuing banks

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Have you ever missed your credit card payment deadline by a week and strapped with 36%+ interest on entire outstanding plus late payment fee plus GST. These arbitrary and one sided charges levied by banks (credit card provider) need regulation by RBI. Customers have no choice to contest these charges while applying for credit card. This may happen to any of us despite having a good credit and payment record. Bank may reverse it on request sometimes when you threaten with card cancellation......however why have such exorbitant charges in the first place ? Hope Dr. Urjit Patel is listening.



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