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Nandipati goutham (Software)     20 June 2016

Credit card payments

Hi,

I had a credit card with Standard chartered bank with a credit limit of 30k when my outstanding was 20K, one fine day they suddenly reduced my credit limit to 17k and charged on excess on credit limit. Due to this I stopped paying oustanding amount after a long argument with bank saying before chrging for excess amount due to sudden change in credit limit i need to be given enough time. To my knowledge after 90 days of non pament accoutn has to be declared as NPA and stop charging interest, but they charged interest until it reach 1.90Lacs. Whether bank can charge interest until those many day nearly around 5yrs, any info would be appreciated

Thanks, Shiva



Learning

 4 Replies

Kumar Doab (FIN)     20 June 2016

Do you have written record?

 

Any change in T&C has to communicated to customer in advance.

Look into RBI ; Master Cicrcular ON Credit Card Operations

 

Kumar Doab (FIN)     20 June 2016

Repeated at:

 

https://www.lawyersclubindia.com/forum/details.asp?mod_id=138707&offset=1

Nandipati goutham (Software)     20 June 2016

TY for reply, I will not post in different forums going forward.

No T&C provided in advance.

 

Thanks,

Shiva 

Kumar Doab (FIN)     21 June 2016

Engage  a very able counsel specializing in consumer/banking matters, show all docs on record and pull them to DCDRF..


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