Prohibited transactions on SBI Card

Notice Prohibited transactions on SBI Card

We would like to inform you about an important regulation issued by the Reserve Bank of India (RBI) with respect to the use of credit card for the following:

  • Purchase of Lottery Tickets
  • Call Back Services
  • Betting, Sweepstakes and Gambling Transactions
  • Banned Magazines

There are many casinos, hotels, and websites that prominently advertise the above and ask you to pay through your credit card for these services.

Under the Foreign Exchange Management Act, 1999 (FEMA) and other applicable regulations the use of a credit card for items on the aforementioned list is prohibited. RBI regulations mandate that in the event of non-compliance with this guideline, the cardholder (including the Add-on cardholder) will be held liable and the cardholder may be debarred from holding the card.

Hence we request you not to use your State Bank of India Credit Card for these kinds of things.

We assure you the best of our services.
Warm regards.

If you need any further clarification, you can ask us in comments below.

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rajan
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rajan

credit card news pls

Ashish
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What kind of news ?