This is from Master Direction – Credit Card and Debit Card – Issuance and Conduct Directions, 2022 Chapter-II, 6, (a),:
vi. Card-issuers shall seek One Time Password (OTP) based consent from the cardholder for activating a credit card, if the same has not been activated by the customer for more than 30 days from the date of issuance. If no consent is received for activating the card, card-issuers shall close the credit card account without any cost to the customer within seven working days from date of seeking confirmation from the customer. In case of a renewed or replaced card, the closure of an inactivated card shall be subject to payment of all dues by the cardholder.
Here does 'seeking confirmation from the customer' mean just notifying the customer or after receiving confirmation/consent/engagement from the customer?
For e.g., In 2023 I had a credit card closed by Axis Bank because I did not activate it within 30 days, I did not have to give any confirmation, consent, or engagement, it was itself closed from their end, I was given multiple notices.
vi. Card-issuers shall seek One Time Password (OTP) based consent from the cardholder for activating a credit card, if the same has not been activated by the customer for more than 30 days from the date of issuance. If no consent is received for activating the card, card-issuers shall close the credit card account without any cost to the customer within seven working days from date of seeking confirmation from the customer. In case of a renewed or replaced card, the closure of an inactivated card shall be subject to payment of all dues by the cardholder.
Here does 'seeking confirmation from the customer' mean just notifying the customer or after receiving confirmation/consent/engagement from the customer?
For e.g., In 2023 I had a credit card closed by Axis Bank because I did not activate it within 30 days, I did not have to give any confirmation, consent, or engagement, it was itself closed from their end, I was given multiple notices.