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The Reserve Bank of India issued master directions for issuance of debit/card to NBFCs and scheduled banks excluding Payments Banks, State Co-operative Banks and District Central Co-operative Banks. The directions issued in this regard shall be applicable from July 01, 2022. In this article we shall take a look at the key highlights of the new rules for credit/debit cards for banks and NBFCs.
Board approved policy
As per the new rules for credit cards, every card issuer needs to have a well-documented board approved policy in order to issue credit cards and such a policy should be in consonance with the instructions on the subject issued by the RBI and the directions mentioned in the master direction.
Review Mechanism
Card issuers needs to have a mechanism for review of their credit card operations on a half yearly basis by the Audit committee of the Board of Directors. Such review should include customer service, complaints and grievance redressal etc.
Card issuers can issue:
The add-on cards must be issued only to those who are specifically identified by principal cardholder under both personal & business credit card categories. The add-on cards will be issued with liability on principal cardholder.
The RBI notified the following with respect to closure of credit card:
Card issuers shall-
The following guidelines have been notified by the RBI in respect of terms for issuance of cards to customers:
The following compliances for the card issuers in respect of Grievance Redressal Mechanism have been notified by the RBI:
Read Our Article: RBI may permit NBFCs to issue credit cards: Reports
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