Press Esc to close
Tuesday 30 September 2014
News updated at 3:17 PM IST
Weather
Max: 31°C
Min : 21°C
In Bangalore
Sunny day

Credit card defaulters' dues to be deducted from salary

New Delhi, Sep 28, DH News Service:

Apart from blocking the use of multiple credit cards by defaulters, banks recently also empowered themselves with a tool that allows them to ask employers to deduct the outstanding amount from the salary.

 
Employees who may have defaulted on payment, however, cannot object to this deduction of dues at source, according to the new clause introduced in the terms and conditions adopted by many of the banks.

Such deductions will be remitted to the bank and will continue till the entire dues are recovered.

The amended terms and conditions say that “no law or contract” governing either the card holder or employers prevents the bank from seeking such deduction and subsequent payment by the employer to the bank.


However, the new clause is applicable only to customers who default on their credit card payments.

Customers informed

Prior notice has already been sent to all out customers to make them aware of this clause.
“Only the defaulters in repayment need to be concerned and it is not of concern to regular customers,” an ICICI Bank official had said.

Go to Top

Photo Gallery
A community Durga Puja pandal in Kolkata...

A community Durga Puja pandal in Kolkata...

Cricket legend and owner of Kerala Blasters football team Sachin Tendulkar during the...

Cricket legend and owner of Kerala Blasters football team Sachin Tendulkar during the...

Police Commissioner Shivanand Jha sweeps the office premises as he participates in the...

Police Commissioner Shivanand Jha sweeps the office premises as he participates in the...

Visitors at an exhibition inside a Tram in Kolkata...

Visitors at an exhibition inside a Tram in Kolkata...

Microsoft CEO Satya Nadella interacts with the employees during a visit to the company's ...

Microsoft CEO Satya Nadella interacts with the employees during a visit to the company's ...

Female Passengers board a train after train services were partially resumed following...

Female Passengers board a train after train services were partially resumed following...

Fire tenders douse a major fire that broke out in a car service station at Sector 14...

Fire tenders douse a major fire that broke out in a car service station at Sector 14...

A road roller crushes a large number liquor bottles seized by the police from the...

A road roller crushes a large number liquor bottles seized by the police from the...

Audience members react as they attend an event with India's Prime Minister Narendra Modi ...

Audience members react as they attend an event with India's Prime Minister Narendra Modi ...

A painter reacts as he creates a portrait of India's Prime Minister Narendra Modi before...

A painter reacts as he creates a portrait of India's Prime Minister Narendra Modi before...

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bangalore - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523