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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.
RBI has given a three-month extension after June 30, 2022 for provisions related to activating credit or debit cards as well as co-branding norms
Non-banks issuing prepaid payment instruments (PPIs) like wallets and prepaid cards cannot offer customers a credit line, RBI said.
The recent ruling by the Supreme Court that underscores the primacy of the Reserve Bank of India (RBI) as the regulator and supervisor of the non-banking financial companies (NBFCs), has removed a key regulatory overhang, rating agency CRISIL said on Monday.
The Reserve Bank of India (RBI) released new guidelines for the issuance of credit and debit cards, replacing nineteen existing directions.