Rbi closure clause 16(2)(a)
sidhu
(Querist) 28 December 2022
This query is : Resolved
Hello Members,
the issue is one of Credit card agency has issued credit card to its customer for cash limit of 3,00,000.00 rupees. the customer took some emis and some cash credit on the card and paid it from time to time. In 2021 customer was due by 2 emi's. By that time the credit card entity has charged 6.5 lakh for 3 lakh principle. The customer did not paid emi's for 3-4 consecutive months and there are only 4-8 emis pending for clouse of some emis worth more than 2 lakhs, after completion of emi the outstanding amount is only few thousands. the credit card entity showing due as reason has cancelled his entire emi schema and charged him again RS 3,48,000+ . For 3 lakhs the agency is collecting 11 lakhs from customer. The tenure for entire transaction is from 2019 to 2021 only.
Custoem made complaint to RBI but obdusmen rejected complaint under clause "rbi closure clause 16(2)(a)". In the award it was mentioned that there is no defect in service and entity has made repeated apeals to the customer.
the customer has made complaint regading excess charges of credit card entity on customer and double charging of principal.
Please advice best course of action for customer.
Advocate Bhartesh goyal
(Expert) 31 December 2022
Customer may approach Consumer Commission for deficiency of services and unfair trade practice of credit card agency as credit card agency has charged excess amount of credit card entity.
