Page 14 - Master Direction News Today

The draft specifies the role of the board and senior management, besides norms pertaining to the usage of cloud computing services and outsourcing of the Security Operations Center (SOC).

Banks and non-banking financial companies (NBFCs) were to implement the Master Direction on Credit Card and Debit Card ? Issuance and Conduct Directions, 2022 from July 1.

Banks and NBFCs were to implement the Master Direction on `Credit Card and Debit Card - Issuance and Conduct Directions, 2022` from July 1.

RBI has extended the deadline for implementation of three credit card provisions under the Issuance & Conduct rules to October 1, 2022.

The Reserver Bank of India stated that non-banks cannot load credit lines into prepaid payment instruments (PPIs).

For these provisions, the timeline has been extended by three months from July 1, 2022, to October 1, 2022.

The Reserve Bank of India (RBI) on Tuesday granted three months extension to banks and non-banking financial companies (NBFCs) to comply with certain provisions related to issuing credit and debit cards, including activation of cards without customers consent.

In the Draft OEIF guidelines, RBI has excluded the term “export of services”, which may impact India's $10 Bn creator economy.

Investegate announcements from Federal Bank Ltd The, Annual Financial Report

NBFCs registered with the RBI can issue credit cards to potential users upon receiving a prior approval from the RBI, the central bank said.