"In case an unsolicited credit card is issued and activated without the consent of the recipient and the latter is billed for the same, the card issuing bank shall not only reserve the charges forthwith, but also pay a penalty without demur to the recipient amounting to twice the value of the charges reversed," the RBI circular stated.
The International Consumer Rights Protection Council states that ICICI Bank issued a credit card to a person who passed away 12 years ago. This card was misused and the statement was sent to teh person's son for payment of Rs 36,000.
Recently, after a family of four committed suicide in Mumbai, it was found that two members of the family had 72 credit cards! How did they manage to secure so many cards? Who will pay up in cases like this?
Image: An Indian bank employee counts rupee currency notes in Mumbai. | Photograph: Indranil Mukherjee/AFP/Getty Images
Also read: The world's most prosperous nations
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