In this video you will learn that as per the new credit card guidelines of RBI, now no bank or card issuer can activate the Overlimit feature without the explicit permission of the customer. Earlier, many banks used to start this facility automatically, due to which customers used to spend more than the limit and overlimit charges were imposed on them. Now RBI has stopped this process completely. Under the new guidelines, customers will decide for themselves whether they want to keep the Overlimit feature active or not. For this, banks and card issuers will have to provide transaction control feature on their apps, internet banking and mobile banking platforms so that customers can turn on or off the overlimit option at any time. This facility will always be available, due to which there will be complete control over the expenses. If the customer has not given permission for overlimit, then under no circumstances will the bank allow the card to be used beyond the limit nor will it be able to charge overlimit. If the customer has been charged overlimit charges by mistake, he can get a full refund by filing a complaint on the RBI Ombudsman Portal. The new rules have been implemented with the aim of making the banking process more transparent and in the interest of customers.
