No Late Payment Fees on Credit Cards Till 3 Days After Due Date

New Delhi: The Reserve Bank of India (RBI) on Thursday asked banks to levy any late payment penalty on credit card customers, or report them to credit information companies, only if the payment has been due for more than three days. For banks, RBI said they can treat a credit card as non-preforming asset if the 'minimum amount due' has not been paid within 90 days from the due date. To bring in greater credit discipline as also to ...