All RBI Circulars March 2024 detailed explanation I Monthly RBI circular – March I Hindi [Video]

All RBI Circulars March 2024 detailed explanation I Monthly RBI circular – March I Hindi

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Money Transfer Service Scheme – Submission of Statement on CIMS

According to the Circular dated May 19, 2016, on “Money Transfer Service Scheme – Submission of Statement/Return under XBRL” wherein all Authorised Persons who are Indian Agents under the Money Transfer Service Scheme (MTSS) were required to submit a quarterly statement (within 15 days from the close of the quarter to which it relates) on the quantum of remittances received through MTSS using the eXtensible Business Reporting Language (XBRL) platform. With the launch of the Reserve Bank’s next generation data warehouse viz., the Centralised Information Management System (CIMS), it has been decided that the reporting of the aforesaid statement will be done on CIMS portal with effect from the quarter-ending March 2024.

Arrangements with Card Networks for issue of Credit Cards

On a review, it is observed that some arrangements existing between card networks and card issuers are not conducive to the availability of choice for customers.

In exercise of the powers conferred under Section 18 read with Section 10(2) of the Payment and Settlement Systems Act, 2007, the RBI being satisfied that it is necessary and expedient, in the interest of payment system and public interest, to do so, hereby, directs as under: a) Card issuers shall not enter into any arrangement or agreement with card networks that restrain them from availing the services of other card networks.

b) Card issuers shall provide an option to their eligible customers to choose from multiple card networks at the time of issue. For existing cardholders, this option may be provided at the time of the next renewal.

Amendment to the Master Direction – Credit Card and Debit Card – Issuance and Conduct Directions, 2022

Amended provision

Failure on the part of the card-issuers to complete the process of closure within seven working days shall result in a penalty of ₹500 per calendar day of delay payable to the cardholder, till the closure of the account provided there is no outstanding in the account.

Card-issuers shall report a credit card account as ‘past due’ to credit information companies (CICs) or levy penal charges, viz. late payment charges and other related charges, if any, only when a credit card account remains ‘past due’ for more than three days. The number of ‘days past due’ and late payment charges shall, however, be computed from the payment due date mentioned in the credit card statement, as specified under the regulatory instructions on ‘Prudential norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances’ amended from time to time. Late payment charges and other related charges shall be levied, only on the outstanding amount after the due date, and not on the total amount due.

Card-issuers do not follow a standard billing cycle for all credit cards issued. In order to provide flexibility in this regard, cardholders shall be provided option to modify the billing cycle of the credit card at least once, as per the cardholders’ convenience.

The co-branding partner (CBP) shall not have access to information relating to transactions undertaken through the co-branded card. Post issuance of the card, the CBP shall not be involved in any of the processes or the controls relating to the co-branded card except for being the initial point of contact in case of grievances.

Prior approval shall not be required by the banks (all banks including Payments Banks, State Co-operative Banks and District Central Co-operative Banks) and NBFCs registered with the Reserve Bank (NBFCs – ICC, HFC, Factor, MFI and IFC) to become a co-branding partner of card-issuers.