RBI rules on dues and fees on outstanding amount

[hackymanoj]

RBI rules on dues and fees on outstanding payments

 

[helloworld]

Entire credit card business needs revaluation if this rule applied. They benefit mostly if someone misses payment but as per this only "outstanding amount" not "total amount due". We may see increased interest rate or some complicated T&Cs about outstanding amount or reduced benefits with it, IMO.