MUMBAI: If you think your bank can never go wrong, think again. Instances have been reported of how banks have goofed up on several occasions. Take for instance Firstbiz reports here, here and here. Your credit card bill should be a particular area of concern given how confusing it can be.
But if you do find a billing error, the Reserve Bank of India has a set guidelines that banks need to follow. On Tuesday, the apex bank issued a master circular on credit card, debit card and rupee denominated co-branded prepaid card operations of banks, and here’s what it had to say:
1) It is the bank’s responsibility to ensure that wrong bills are not raised on a customer’s credit card and issued to the card holder.
2) In case, such a bill is raised and issued to the customer, the bank has to provide an explanation for the wrong bill.
3) As per RBI, documentary evidence may also be provided to the customer.
4) This documentary evidence should be presented within 60 days.
The process is part of the steps banks are expected to take to amicably resolve the issue.
According to the Reserve Bank of India, the maximum number of complaints which the banking ombudsman receives each year is debit/credit card-related complaints. What this also means is that the possibility of you having a credit or debit card related issue is much higher than any other.
Hence, it is imperative you should monitor your credit card statement periodically and carefully. It just takes a few minutes to see the charge and to verify if your payment has been credited to the account. If you notice any discrepancy, you can bring it to the notice of the bank immediately.
