My credit record reveals that I never defaulted in payment. But a credit card representative in private discussion revealed that banks do not prefer customers with a good payment record or those who do not require costly payment instalments against credit card dues. It is also observed that banks issuing credit card deliberately avoid sending credit card statements in order to levy heavy penalties in addition to extraordinary penal zero interest. Likewise, over-limit payment is deliberately permitted to credit card holders with good payment record, but without any caution, only to levy heavy over-limit penalty which at times exceeds even the petty over-limit availed. Should I presume that I have been down-graded to a lower credit limit only because I never allowed the bank to mint money by such penalties and penal interest?

The Reserve Bank of India should take note of such malpractices by private banks. It is high time that the Right to Information (RTI) Act was extended to the private sector in view of the undue domination of the private sector in day-to-day life.