The recent amendments to the CC Directions mark a significant step towards enhancing transparency, accountability, and consumer protection within the credit card industry. These changes address various aspects of credit card issuance, conduct, and customer service, aiming to align regulatory frameworks with evolving industry dynamics and emerging challenges.
However, while these amendments represent a positive step towards strengthening consumer protection and regulatory oversight in the credit card industry, some areas may still warrant further clarification or refinement. Ambiguities in certain provisions, such as the treatment of penal charges and the scope of monitoring mechanisms for business credit cards, could potentially lead to interpretation challenges or loopholes if not addressed comprehensively.
Source: Barandbench
