The Reserve Bank of India (RBI) on Thursday asked credit card companies not to issue unsolicited credit cards or upgrade an existing card without the explicit consent of the customer, failing which they will have to pay double the billed amount as penalty.
It also asked card issuers and third party agents not to resort to intimidation or harassment during recovery of dues from customers.
In its master directions on credit card and debit card issuance, the RBI said "the issue of unsolicited cards/upgradation is strictly prohibited".
