look news india
The bank did not comply with certain directions issued by the RBI on credit cards, debit cards and rupee denomination co-branded prepaid cards operations, which are reiterated in the Reserve Bank of India (Issuance and Conduct of Credit Cards and Debit Cards) Directions, 2022, RBI said in a release on June 28.
RBI further said that the bank failed to ensure that there was no negative amortization while computing the minimum payment due in certain credit card accounts.
The banking regulator said the action is based on deficiencies in statutory and regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.