RBI seemingly cannot Interpret its OWN Guidelines (HDFC Cc Case)

[the fiasco]

Yes, exactly! You got my point correctly.

When the points are redeemed, the Amount is posted as a 'Credit Amount' to the Hdfc Card Account. Even if the amt is posted before due billing date, it is not adjusted against the current billing cycle. ( Also note - The redemption charges of ₹99 + gst are immediately deducted) but overall adjustment is not before the due date. It is in the next Cycle Only.

( some cards like Swiggy maybe an exception, where the Credit amt [cashback] is adjusted in the same cycle)

made a small correction over here.

amount posted before the Billing Date of that month. ( not due Date)
In this case, Hdfc DOES not adjust the remaining Due in THAT Bill by subtracting Credited Amount (cashback) from Total Bill Generated. Instead they push it onto the next Billing Cycle

apologies for any confusion

 

[Aniket]

Exactly you read my mind.
I wanted to write that again but later refrain doing so.

No problem, I replied on your behalf/did your job. 😂

But you're asking me as well to re-read, which is basically your own interpretation and opinion.

Dekh raha hai Binod sab ko kaise ek hi taraju mein tol ja raha hai 👀

 

[2025]

No problem, I replied on your behalf/did your job. 😂

But you're asking me as well to re-read, which is basically your own interpretation and opinion.

Dekh raha hai Binod sab ko kaise ek hi taraju mein tol ja raha hai 👀

That's because you didn't acknowledge my previous post in response of yours' in the first page.

Later in the post where I have quoted you again and others was just a summary about my understanding to convince him my point in easiest possible way.

At the same time I would like to get feedback from peers as well. Sometime I have noticed I might have gone wrong totally.

 

[hender]

That's because you didn't acknowledge my previous post in response of yours' in the first page.

Later in the post where I have quoted you again and others was just a summary about my understanding to convince him my point in easiest possible way.

At the same time I would like to get feedback from peers as well. Sometime I have noticed I might have gone wrong totally.

शांत हो जाओ । Don't get angry.

 

[2025]

made a small correction over here.

amount posted before the Billing Date of that month. ( not due Date)
In this case, Hdfc DOES not adjust the remaining Due in THAT Bill by subtracting Credited Amount (cashback) from Total Bill Generated. Instead they push it onto the next Billing Cycle

apologies for any confusion

Sir, please, fer se statement check kijiye.

They are definitely get adjusted in the calculation of total amount due for the next cycle. I am damm sure on this. I have hdfc millennia card since three years.
-------
Again, some people do not understand how rewards are posted in card account, that's a different matter altogether. Because they follow card cycle to show, but monthly cycle to credit.

 

[2025]

शांत हो जाओ । Don't get angry.

Aree nothing to angry him or me. I like him. It was just a response because he asked why did I mentioned his name as he is not countering my interpretation per se.

 

[the fiasco]

They are definitely get adjusted in the calculation of total amount due for the next cycle.

That is what I said

In this case, Hdfc DOES not adjust the remaining Due in THAT Bill by subtracting Credited Amount (cashback) from Total Bill Generated. Instead they push it onto the next Billing Cycle

 

[2025]

That is what I said

Then what is the point? And where is the fault at HDFC or the RBI circular here?

They are definitely get adjusted in the calculation of total amount due for the next cycle.
-------

Clarifying again.
Calculation is done in the same cycle when cashback (after redemption) is credited to the card account. Your payment on the next due date is sensitive to this cashback credit. You don't have to pay that amount again. It's an adjustment on or before bill preparation. Huhhh!

-------------
Billing cycle vs payment cycle are just like tax year vs assessment year. Not easy to make others understand easily, even govt. has realized it now after so many years.

 

[TechnoFinoTechnoFino is verified member.]

Almost all banks mention that cashback will be adjusted in the next statement, not in the current one. But as per RBI guidelines, banks are supposed to adjust any credit arising from returns, reversals, etc., or similar scenarios, immediately. Now, while the RBI hasn’t explicitly mentioned cashback or reward point redemptions in the context of such adjustments, they have used the terms “any credit” and “similar credit” - two very important keywords. In my opinion, banks should be adjusting cashback immediately in the current statement.

SBI Card does adjust cashback for its cashback cards in the current statement, which is good. I haven’t tried checking this with HDFC though. I have the Swiggy card, but I didn’t want to test it because my credit score might get affected just because of their carelessness.

But overall, it’s a valid point... raise this issue with the RBI and see how they respond.

 

[the fiasco]

Now, while the RBI hasn’t explicitly mentioned cashback or reward point redemptions in the context of such adjustments, they have used the terms “any credit” and “similar credit” - two very important keywords. In my opinion, banks should be adjusting cashback immediately in the current statement.

(my thinking was on the same lines when filing a complaint at RBI)

But overall, it’s a valid point... raise this issue with the RBI and see how they respond.

already raised 😅

This is the reply I got from RBI 👇👇

Here's the Response I have got from RBI.

Hence, the title of the Thread - RBI seemingly cannot interpret its own Guidelines.