The investigative arm of the country's anti-monopoly watchdog has recommended action against two multinational banks for making false promises to their credit card customers and violating the Reserve Bank of India guidelines.
In its preliminary report submitted to the Monopolies and Restrictive Trade Practises Commission, the director general of investigation and registration said that Citibank and HSBC have violated the rules framed by the Reserve Bank and caused loss to the general public.
DGIR had found that both banks were allegedly delaying delivery of bills and realisation of cheques toward payment just to charge increased interest rate, late fee and fine etc.
Moreover, DGIR also said the two banks were doing credit card business in