SBP guidelines for credit card business
Wednesday, January 28, 2009
The State Bank of Pakistan issued comprehensive operational guidelines for credit card business of commercial banks/DFIs, outlining code of conduct for various aspects of credit card operations including their marketing, interest rate charges, recovery of dues, billing processes etc.Some of the main features of the guidelines are; Banks / DFIs
- are advised to quote interest rate and service charges on annual basis.
- are required to set well defined service level for each of the product/service.
- should also inform the credit card holder on the interest rate or services charges through advertisement and/or sending information to card holders on their addresses.
- should not levy any charge without the prior consent of the card holder.
- are also advised that interest amount should be charged on net credit i.e. after deducting the amount paid by the card holder.
- must ensure that their recovery/collection officers should not resort to any verbal or physical harassment of the delinquent credit card holder, their family members, referees and friends during recovery/collection efforts.
- should discourage aggressive and hard selling & marketing practices during working/office hours; except with prior appointment of the prospective customer.
- should seek prior consent of their customers/account holders for informing them on new products and services on telephone as and when introduced.
- are advised to simplify the credit card terms and conditions, and keep them clear and understandable both in English and Urdu languages.
- may also arrange online complaint registration on their websites
To see Complete guidelines please visit here!
Labels: Economy and Business, Pakistan Economy
posted @ 2:30 PM,
1 Comments:
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