General Studies · RBI Master Directions on Credit Cards
Mrs. Suman wants to close her credit card account which has been active for 5 years. She has a small outstanding of ₹450 due to residual interest. She calls customer care on September 1st and requests closure. The customer care executive tells her that the account can only be closed if she visits the home branch (which is in another city) and submits a physical application. Suman sends an email instead. On October 15th, she finds that the account is still open, and the bank has added a 'Late Payment Fee' and 'Annual Fee', taking the total balance to ₹2,500. Evaluate the bank's conduct against the RBI Master Direction on Card Closure.
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Credit cards cannot be closed if they have been used for more than 3 years; they can only expire at the end of validity.
- 2Suman is liable for the ₹2,500 because she did not clear the ₹450 balance before requesting closure.
- 3The bank is in violation because they must provide multiple channels for closure (Email/IVR/App) and cannot insist on a branch visit.✓
- 4The bank is right because credit card closure requires a physical signature to prevent identity theft and fraud.
Correct answer
The bank is in violation because they must provide multiple channels for closure (Email/IVR/App) and cannot insist on a branch visit.
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