The Economic Times

Bank pays Rs 3.21 lakh compensation to customer for delay in credit card closure; know what RBI rules say

As per the Reserve Bank of India, any failure on the part of the card-issuers to complete the process of closure within 7 working days shall result in a penalty of Rs 500 per calendar day of delay payable to the cardholder, till the closure of the account provided there is no outstanding in the account.