India Investment, Stocks, Credit Card and Retail Forum
Credit Cards / Loan Products in India => CIBIL Credit Report Score => Topic started by: cardbhai on July 17, 2015, 02:56:54 PM
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4 Years after we filed RTI with the RBI seeking on what are its Guidelines for Reporting to Credit Information Companies (http://www.cardbhai.com/2011/07/rules-cibil-status-update-settlement-of.html), they have provided some clarity though that deosn't completely bring clarity on the Operations of Banks & CIBIL.
RBI Clarification on Days Past Due
Notification Number - RBI/2015-16/126 DBR.No.BP.BC.30/21.04.048/2015-16
Update the Account as "past due" to credit information companies (CICs) or levy penal charges, viz. late payment charges, etc., if any, only when a credit card account remains ‘past due’ for more than three days. Late Fees and other charges shall be computed from the payment due date mentioned in the credit card statement.
When Can Bank Update Credit Card Account as NPA ?
Banks will treat a credit card account as non-performing asset if the minimum amount due, as mentioned in the statement, is not paid fully within 90 days from the payment due date mentioned in the statement.
Neither RBI nor the Government wants to empower consumers and it is always the Large Financial Institutions and Big Businesses that are favored.