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SBP prohibits harassing credit card holders’ family

SBP prohibits harassing credit card holders’ family KARACHI: State Bank of Pakistan (SBP) has issued comprehensive guidelines for commercial banks and development financial institutions (DFIs) dealing in credit card business.

SBP credit card business operational guidelines released here directed commercial banks and DFIs to determine interest rate and service charges on annual basis besides, it would be mandatory for them to get the credit card terms published both in Urdu and English in plain language making it easier for the clients to well understand the terms. Without the prior approval of card holders, no such expenditures be charged, which have not been clearly mentioned in the users guide or application form or schedule of charges, the banks and DFIs would have to ensure that their recovery staff would not harass physically of verbally the credit card holders, their family members and friends and relations and before providing details of new products and services to the clients, their prior approval in this regard would be taken, said the SBP guidelines.


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