Massive irregularities in respect of Credit Cards should be effectively curbed
Union government and Reserve Bank of India (RBI) should take note of malpractices of Banks in respect of credit-cards. Arguments put by Banks to have extra-ordinary interest-rate to overcome heavy cost in credit-card operation is in itself confessional for giving banks permission to levy hidden charges to befool customers. Banks can instead levy charges on issuing and transactions made through credit-cards.
Even credit-card statements are designed in a manner like Minimum-Amount-Due to befool customers that they put themselves in heavy dose of interest-rate. Banks also resort to malpractice by deliberately not sending credit-cards statements to make customers defaulters forcing them to pay heavy interest-dose apart from penalty. Any shortfall in payment attracts penalty and in...
