The Reserve Bank has 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.

The RBI has asked banks to report a credit card account as ‘past due’ to credit information companies (CICs) or levy penal charges, such as late payment charges only when a credit card account remains ‘past due’ for more than three days.  The number of ‘days past due’ and late payment charges should be, however, computed from payment due date mentioned in the credit card statement.

Reserve Bank has asked the public not to write on the watermark window of banknotes as it bears an important security feature which differentiates it from a fake note. RBI said it was brought to its notice that members of public and institutions write number, name or messages on the watermark window of banknotes and thus deface the currency.

“The public is, therefore, requested to refrain from doing anything that leads to defacement,” it added.