Finance
Potter HeadRBI Unleashes New Magic on Corporate Credit Card Overdues
In a dazzling proclamation from the Reserve Bank of India, it was declared on a fateful Monday that the dark clouds of overdue reporting for corporate credit cards would only loom over the corporate entities, leaving the brave cardholders free to roam. With a flick of their wands, overdue spells will only be cast if accounts linger in the shadows for more than three days, ensuring fairness in the enchanted realm of finance.
few days ago | Aathira Varier
Quick rundown
1.RBI updates rules for corporate credit cards.
2.Overdue reporting applies only to corporate entities.
3.Late fees kick in after three days past due.
4.Credit cards now classified under corporate loans.
5.Credit card spending hit Rs 2.19 trillion in March.
