General Studies · RBI Card Regulations

Based on RBI guidelines on credit and debit cards, evaluate the following statements: I. Banks are prohibited from charging interest on taxes/levies even if MAD is unpaid. II. Card closure requests must be completed within 7 working days, failing which a penalty of ₹500 per day is payable to the customer. III. Debit cards can be issued against Fixed Deposits with limits capped at 50% of FD value. IV. MAD calculation must cover at least full interest, fees, and a portion of principal to avoid negative amortization. V. Issuers can automatically increase credit limit if bills are paid on time for 6 consecutive months. Which of the statements are CORRECT?