https://www.desidime.com/discussions/cc-money-rotation-tata-bye-bye?page=1#post_9935990
Fixing at loops.
Credit Card Money rotation, TATA BYE BYE!
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https://www.thehindubusinessline.com/money-and-...
RBI cracking down on P2P credit card transactions
Central bank targeting rent and tuition fee transactions
After barring Visa from undertaking certain commercial business-to-business (B2B) credit card transactions, the Reserve Bank of India is now seen cracking down on peer-to-peer (P2P) credit card payments made via third-party service providers, sources told businessline.
This comes after the central bank has found instances of retail customers using credit cards to pay rent and tuition fees through third party apps.
These third-party players, usually fintechs, allow customers to make a credit card payment to their authorised merchant account. They then instantaneously transfer the money to the bank account of the recipient (for instance a landlord in case of rent payments) in exchange for a commission.
“Credit card transactions are only meant to be between merchants and customers (P2M). If funds are being routed through an escrow account operated by a third party, it is bypassing the regulations and will not be allowed,” a senior official said.
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https://www.desidime.com/discussions/cc-money-rotation-tata-bye-bye?page=1#post_9936007
“Credit card transactions are only meant to be between merchants and customers (P2M). If funds are being routed through an escrow account operated by a third party, it is bypassing the regulations and will not be allowed,” a senior official said.
https://www.desidime.com/discussions/cc-money-rotation-tata-bye-bye?page=1#post_9936014
- @abhishek012 what is this 
https://www.desidime.com/discussions/cc-money-rotation-tata-bye-bye?page=1#post_9936554
Yeh toh hona he tha. Ek na ek din.
https://www.desidime.com/discussions/cc-money-rotation-tata-bye-bye?page=1#post_9936061
abhi maja aayega na bhidu
https://www.desidime.com/discussions/cc-money-rotation-tata-bye-bye?page=1#post_9936154
Na khilane doonga😂😂😂😂😂😂
https://www.desidime.com/discussions/cc-money-rotation-tata-bye-bye?page=1#post_9936170
Which means, RBI should ask Banks to provide cashback to all merchants..like say Axis excluded Jewellery/Govt. Transactions/Education..
These are all merchants too but they excluded from cashback.. Probably one sided decision.
https://www.desidime.com/discussions/cc-money-rotation-tata-bye-bye?page=1#post_9936205
Albele Tange Wale..........
https://www.desidime.com/discussions/cc-money-rotation-tata-bye-bye?page=1#post_9936385
Time for action!
https://www.desidime.com/discussions/cc-money-rotation-tata-bye-bye?page=1#post_9936423
https://www.desidime.com/discussions/cc-money-rotation-tata-bye-bye?page=1#post_9936716
A lot of people will hate me for this but let's be honest,
16 year old kids rotating their dad's money using credit cards and then getting IT notices.
Unemployed folks rotating money and then getting into debt traps.
Students showing off ultra-premium cc's without any salary.
All of this can harm the people - their finances, credit profile and CIBIL score in the long run even though they might be angry right now, it is for their benefit.
https://www.desidime.com/discussions/cc-money-rotation-tata-bye-bye?page=1#post_9937014
Can't agree more.
Here at my place lot of working staff ( 10-12k salary ) getting cc easily and transferring the same to bank accounts or aiyashi and then running here and there for EMI then borrowing for that EMI and so on.
Its happening quite at a significant scale.
So the move is definitely much needed.
https://www.desidime.com/discussions/cc-money-rotation-tata-bye-bye?page=1#post_9936815
SnaPay crying in the corner, left the chat
https://www.desidime.com/discussions/cc-money-rotation-tata-bye-bye?page=1#post_9937170
I tried it 2-3 times when it worked with an AU card - 5% CB + 5x Reward points were worth it somehow but then, thought of ITR and stopped 😝
Good decision on my end at the right time. It's not good in financial sense.
https://www.desidime.com/discussions/cc-money-rotation-tata-bye-bye?page=1#post_9937401
Good move. It will provide better experience for people who use it for actual spends and also for the CC industry in the long run.
https://www.desidime.com/discussions/cc-money-rotation-tata-bye-bye?page=1#post_9937565
wheneevr there is RBI is in news we know it is for some bad news,
https://www.desidime.com/discussions/cc-money-rotation-tata-bye-bye?page=1#post_9937762
What about insurance premium payments being excluded from reward points?? Why RBI is silent on it?? Is it not violation?? This transaction is also between a merchant and buyer..
https://www.desidime.com/discussions/cc-money-rotation-tata-bye-bye?page=1#post_9937769
So you want RBI to direct banks to give you Money at 0 intrest for 45 days and also give you rewards and cashback as you are doing great favour on Respective bank by borrowing money from that.
Its the banks complete authority to give 100 % or 0% cashback on any transaction. You can't force that.
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https://www.desidime.com/discussions/cc-money-rotation-tata-bye-bye?page=1#post_9938019
So glad to hear this.
Now make getting credit cards stricter.
https://www.desidime.com/discussions/cc-money-rotation-tata-bye-bye?page=1#post_9938374
Whats the point as banks getting their money paid and user pay their money
https://www.desidime.com/discussions/cc-money-rotation-tata-bye-bye?page=1#post_9939828
Headline sahi hai kya? Ho to raha.. kab se band ho raha .. 
https://www.desidime.com/discussions/cc-money-rotation-tata-bye-bye?page=1#post_9942955
landlords are technically also "merchants".
https://www.desidime.com/discussions/cc-money-rotation-tata-bye-bye?page=1#post_9944356
Then ask landlords to get business BANK account using GST, they i agree for your argument or else no
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Which means, RBI should ask Banks to provide cashback to all merchants..like say Axis excluded Jewellery/Govt. Transactions/Education..
These are all merchants too but they excluded from cashback.. Probably one sided decision.
A lot of people will hate me for this but let's be honest,
16 year old kids rotating their dad's money using credit cards and then getting IT notices.
Unemployed folks rotating money and then getting into debt traps.
Students showing off ultra-premium cc's without any salary.
All of this can harm the people - their finances, credit profile and CIBIL score in the long run even though they might be angry right now, it is for their benefit.