If you are a credit card user and face issues while paying your bills, RBI has a solution for you.
Mumbai: The Reserve Bank of India (RBI) has recently implemented some consumer-friendly changes in the regulations governing credit cards, aiming to offer enhanced flexibility to customers concerning their billing cycles. In a big move, the new rule from the Reserve Bank empowers credit cardholders to modify their billing cycle multiple times based on their convenience, which is a significant shift from the previous restriction of a single alteration enforced by banks and financial institutions.
RBI Make Billing Cycle Flexible
So, if you are a credit card user and face issues while paying your bills, RBI has a solution for you. The regulation, in simple words, would mean that credit card users can change their billing cycle. If you want to change your billing cycle as per your financial needs, you can just clear the unpaid credit card bills and contact your nearest bank, either offline or online.
Understanding Your Credit Card’s Bill Cycle
Your credit card billing cycle typically starts on the seventh of each month and ends on the sixth of the next month. Every transaction you make within this period is collated and succinctly included in a bill that arrives at your doorstep. The length of these billing cycles can oscillate between 27 to 31 days, and this variation depends on your credit card provider and the type of card you are using.
RBI Launches New Website And Mobile Application
The new website and mobile application of the Reserve Bank of India (RBI) were released on Friday by Governor Shaktikanta Das. The new website can be accessed using the URL https://website.rbi.org.in or through the QR code below. The new mobile application of the Reserve Bank of India can be downloaded from Play store for Android users and App Store for iOS users. Users can also download the mobile application using the following QR code. The existing website (https://rbi.org.in) will also be available simultaneously for some time.
The Reserve Bank of India has proposed cash deposits in banks through the Unified Payment Interface (UPI) mechanism. The RBI has also proposed making UPI payments through Prepaid Payment Instruments (PPI) wallets.
Announcing the monetary policy outlook, RBI Governor Shaktikanta Das said, “Deposit of cash through Cash Deposit Machines (CDMs) are primarily being done through the use of debit cards. Given the experience gained from card-less cash withdrawal using UPI at the ATMs, it is now proposed to also facilitate the deposit of cash in CDMs using UPI.”
(With inputs from agencies)