RBI fines HSBC Rs 29.6 lakh for credit card rule violations: What it means

Quick Summary:

The Reserve Bank of India (RBI) recently fined HSBC Bank Rs 29.6 lakh for not following credit card rules.

But what does this mean for you, the credit card user?

This can happen when interest charges and other fees are added to the balance faster than the minimum payment can reduce it.

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Article Details

Category: BusinessFinance

Markets: India

Topics: Negative amortization Credit cards RBI penalty on HSBC RBI HSBC HSBC credit cards RBI fines HSBC Consumer protection Credit card violation Credit card minimum payment Credit card debt

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-06-28 @ 21:42:55 (4 days ago)

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Article Length: 541 words

Reading Time: 4 minutes read

Sentences: 26 lines

Sentence Length: 21 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Business Standard

News ID: 21410793

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About Business Standard

Main Topics: BusinessFinance

Official Website: business-standard.com

Update Frequency: 289 posts per day

Year Established: 1975

Headquarters: India

News Last Updated: 6 hours ago

Coverage Areas: India

Ownership: Independent Company

Publication Timezone: GMT +5:00

Content Availability: Worldwide

News Language: English

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Publisher ID: #49

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