State Bank of
The decision has been taken in order to enhance the existing level of transparency and disclosure in the credit card business, SBP stated here Thursday.
According to the SBP statement the banks have been directed to supply specimen of the Summary Box containing the minimum information relating to Annualized Percentage Rate (APR), effective interest rates, alongwith minimum monthly repayments, card limits, fees & charges, insurance coverage, etc. for meticulous compliance.
The Banks may, however, add any further material information in the Summary Box as they deem necessary. Before issuing any credit card, the bank are required to retain a duplicate copy of Summary Box duly signed by the customer and authorized banker, in line with SBP record retention regulations.
Failure to comply with the above directives shall attract penal action under the provisions of Banking Companies Ordinance, 1962, statement of the Bank said.
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