Banking · RBI Regulations

Consider the following statements regarding the regulatory framework of credit and debit cards managed by the Reserve Bank of India (RBI): Statement I: The RBI has mandated that no bank can charge an 'Account Closure Fee' if a customer decides to close their savings account and the associated debit card after 14 days of opening. Statement II: Credit card interest rates in India are 'Deregulated', meaning banks are free to charge any rate they want, provided it is not 'Usurious' as per the bank's board-approved policy. Statement III: A 'Debit Card' can be issued to a customer who has only a Loan Account (like a Home Loan) to allow them to withdraw the surplus 'Pre-payment' amount at any time. Statement IV: When a credit card is 'Upgraded' by the bank to a higher variant with a higher fee, the bank must obtain the customer's 'Explicit Consent' and cannot do it automatically. Statement V: The 'Interchange Fee' for credit card transactions is paid by the merchant's bank (Acquirer) to the cardholder's bank (Issuer) to compensate for the interest-free period provided to the customer. Which of the statements given above are correct?