RBI seemingly cannot Interpret its OWN Guidelines (HDFC Cc Case)

[Deleted member 54492]

They are definitely get adjusted in the calculation of total amount due for the next cycle.

That is what I said

In this case, Hdfc DOES not adjust the remaining Due in THAT Bill by subtracting Credited Amount (cashback) from Total Bill Generated. Instead they push it onto the next Billing Cycle

 

[2025]

That is what I said

Then what is the point? And where is the fault at HDFC or the RBI circular here?

They are definitely get adjusted in the calculation of total amount due for the next cycle.
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Clarifying again.
Calculation is done in the same cycle when cashback (after redemption) is credited to the card account. Your payment on the next due date is sensitive to this cashback credit. You don't have to pay that amount again. It's an adjustment on or before bill preparation. Huhhh!

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Billing cycle vs payment cycle are just like tax year vs assessment year. Not easy to make others understand easily, even govt. has realized it now after so many years.

 

[TechnoFinoTechnoFino is verified member.]

Almost all banks mention that cashback will be adjusted in the next statement, not in the current one. But as per RBI guidelines, banks are supposed to adjust any credit arising from returns, reversals, etc., or similar scenarios, immediately. Now, while the RBI hasn’t explicitly mentioned cashback or reward point redemptions in the context of such adjustments, they have used the terms “any credit” and “similar credit” - two very important keywords. In my opinion, banks should be adjusting cashback immediately in the current statement.

SBI Card does adjust cashback for its cashback cards in the current statement, which is good. I haven’t tried checking this with HDFC though. I have the Swiggy card, but I didn’t want to test it because my credit score might get affected just because of their carelessness.

But overall, it’s a valid point... raise this issue with the RBI and see how they respond.