Tuesday, June 28, 2022
Home > Finance News > RBI extends timeline for implementation of provisions regarding credit & debit card issuance

RBI extends timeline for implementation of provisions regarding credit & debit card issuance


The Reserve Bank of India (RBI) on Tuesday extended the timeline for implementation of a few provisions regarding Master Direction- including issuance and conduct of credit and debit cards- to October 1 this year, from July 1, 2022, on the back of representations received from industry stakeholders.

The provisions to be implemented under the new directive includes:

  • The credit-issuers will receive an OTP to activate the card. However, if the issuer fails to do that within a specified period of 30 days (from the date of issuance), the card will be blocked within seven days from the date of seeking confirmation from the customer.
  • The card-issuer must not breach the sanctioned credit limit without seeking explicit consent from the cardholder.
  • There will be no capitalization of unpaid charges/levies/taxes for charging/ compounding of interest.

The timeline for implementation of other provisions under the previous directive remains the same.



Source link

Leave a Reply

Your email address will not be published.

%d bloggers like this: