Finanzas
24.04.2026Resumen IA
Credit Card User Wins Rs 3.21 Lakh Compensation from Kotak Mahindra Bank for Delayed Card Closure
A credit card user received Rs 3.21 lakh compensation from Kotak Mahindra Bank after the lender failed to process his card closure requests within the RBI-mandated 7 working days. The user had requested closure of two credit cards in May 2025 after his credit limit was reduced from Rs 1 lakh to Rs 10,000. Despite sending multiple emails and follow-ups, the bank did not close the cards and levied an annual fee. The compensation was calculated at Rs 500 per day per card for 321 days of delay, as per RBI regulations.
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Economic Times