https://www.taxtmi.com/news?id=1214 Institutions offering credit card services must adopt a Fair Practice Code and comply with the Reserve Bank's Master Circular on interest, service charges, billing dispute resolution, liabilities and customer protection. Banks and NBFCs may set rates and charges but remain subject to the Circular's supervisory framework; non-compliance can result in regulatory action including monetary penalties. Consumer redress is available under the Banking Ombudsman Scheme, which allows compensation for time loss, expenses, harassment and mental anguish arising from credit card complaints. en-us Tue, 10 Aug 2010 21:47:50 +0530 Tue, 10 Aug 2010 21:47:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=1214 Institutions offering credit card services must adopt a Fair Practice Code and comply with the Reserve Bank's Master Circular on interest, service charges, billing dispute resolution, liabilities and customer protection. Banks and NBFCs may set rates and charges but remain subject to the Circular's supervisory framework; non-compliance can result in regulatory action including monetary penalties. Consumer redress is available under the Banking Ombudsman Scheme, which allows compensation for time loss, expenses, harassment and mental anguish arising from credit card complaints. News - Tue, 10 Aug 2010 21:47:50 +0530 https://www.taxtmi.com/news?id=1214