December 21, 2013 9:29 AM

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RBI tightens norms for credit card holders

The Reserve Bank of India, RBI, has tightened norms for credit card holders. In a notification on Friday, the RBI advised banks to treat a credit card account as a non-performing asset if the customer fails to pay the minimum due amount within a stipulated 90-day period. The RBI said it has observed that banks follow different practices with regard to the asset classification status of credit card accounts if the minimum amount is not paid on the due date.

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