Today the RBI asked the banks to stop giving zero interest loans normally offered both on high value purchases & on credit card purchases.
They want full disclosure of costs to the customers – another cheating avenue gone
So what are 0% loans really, nothing but a camouflaged marketing gimmick where the costs are routed via inflated processing fees and other charges which are not disclosed upfront while the gullible consumer is happy that he isn’t paying any interest.
FMCG sales before festive seasons will sure be hit.
No Additional charges to be levied on debit card purchases
In another move, the RBI said no additional charges can be levied by merchants on payments for goods by debit cards.
Businesses levy fee as a %age of the transaction value as charges on customers who are making payments for purchase of goods and services through debit cards.
These are unjustified & not permissible as per their agreements with banks.
