When their is surplus liquidity and no crunch of credit, Banks and Financial Institutions / NBFCs resort to sending Unsolicited Loans / Credit Cards. What are your rights and what can you do about it ?
Well,
we strongly recommend you not to accept any such Unsolicited cards / loans. However, some banks in India have even went ahead and activated the cards by charging annual fees to your account, which is 100% illegal and you can contest the same. Now, firstly, I never applied for a card and now I have to take my precious time to contest the same ? Well, yes can't help it but you can seek compensation.
Rights of an Indian Citizen to safeguard himself from Unsolicited cards / loans as issued by the RBI Notification RBI/2009-10/64 DBOD.No.FSD.BC.19 / 24.01.011/ 2009-10, dated July-1st 2009
* Unsolicited cards should not be issued. In case, an unsolicited card is issued and activated without the written consent of the recipient and the latter is billed for the same, the card issuing bank shall not only reverse the charges forthwith, but also pay a penalty without demur to the recipient amounting to twice the value of the charges reversed.
* In addition, the person in whose name the card is issued can also approach the Banking Ombudsman who would determine the amount of compensation payable by the bank to the recipient of the unsolicited card as per the provisions of the Banking Ombudsman Scheme 2006 i.e., for loss of complainant’s time, expenses incurred, harassment and mental anguish suffered by him.
