Credit cards and banks roll

Settle the credit card dues fully by negotiating with the bank and immediately obtain a no-due certificate from authorised signatory of the bank, so that no further claims can be made. 

Dear Raju do you think case remain when credit card person had record of correspondence.?

pl clarify. Also in my consider opinion when no debt means  application of sufasi may not arise?

Cards have become powerful instruments for earning high interest for banks

and many banks neither follow nor practice NPA norms and target young professionals for their business.

Many of banks mainly private banks following using private agents to extract more

and does show to close the accounts on settlement nor attend correspondense to elicite information.

RBI may have to be vigilent to save a card holder in case of report of misuse of banks role.

When any asset is not secured to the bank, any proceedings under SARFAESI Act is not possible.  Hence , for credit card dues normally there will not be any security interest and hence no chance for action under SARFAESI.  But such banks are using unethical methods for recovery of their dues, in spite of clear directions from RBI against such acts.  Banks also charge usurious interest rates on card dues, which no body could help.

Raju is right .But bankers practice is different .Bankers refering to CIBIL and blocking the credit availability

of the cardholder arbitrarily. In a way a sort of blackmail

Now it is reported that private banks are allowed to open branches in rural areas and the

services associated with banking also get extended. one has to be a little vigilent  while dealing credit cards.

Hi young Guys when one has hard copies of settlements one can be saved and in this case the bank had settled my clients dues since he has track record.

One more incident that has come to my notice is that one more bank never gives details and statement

and details of debit but demands payment and charging penal rate with out giving any information.

First the customer may lodge a complaint local BM, and then with grievance redressessal system of the bank narrating the total details. If possible scanned copies of the settlement letter and payment receipt may be attached.

Thereafter the complaint may be forwarded to nodal officer, chairman of the bank.

If the bank is at fault the complaint shall be resolved, and the amount shown as loan/penalties etc shall be corrected. Customer must ask for clean credit report from credit rating agencies e.g. CIBIL, Master Card International Negative List, Experian, Equifax, etc free of cost and withdrawal of his name from private financial company, and a written assurance that credibility to avail loan shall not be affected due to the said act of the bank.

If the bank does not yield then legal notice be issued and a complaint with either BO, consumer court may be filed.

If the financial company or bank has resorted to any coercion, threat, police complaint may be filed and a criminal case may be perused.