I made a purchase of only Rs.3000/- on my citibank credit card but the bank did not send me any statement. Upon calling them I was told that the statement had been dispatched. They said that they will send another one and so this time I got it.
To my dismay, I noticed that they levied a penalty of "late payment " in addition to interest payable by me. So, my purchase of 3000/- cosed me around 3800/-.
Banks are making huge amount of money through this route while the poor Indian customer is being fleeced. I hope they are penalized severely for the malpractice.