POSTED BY December 17, 2010 5:19 pm COMMENTS (2)ON
One of my friend who had gone shopping had his pocket picked alongwith his credit card. As soon as he realized this, he rushed home, found the credit card number from his records and reported the loss to the bank. The bank advised him that they are blocking his card from the moment he advised them. Later on he learned that the thief had used the card to make purchases worth Rs. 20000/-. This was before my friend advised the bank. According to the bank, my friend is liable to pay this amount as the card was used before it was blocked by the bank.
My simple question is : Why doesn’t RBI make it compulsory for banks to issue credit card with a photograph of the card holder ? This will greatly reduce such incidences of misuse of card.