The IFSCA Notifies Directions for Issuance of Debit Cards by IFSC Banking Units

IFSC Banking Units

On 25th August 2022, the International Financial Services Centers Authority (IFSCA) issued a notification, F.No. 110/IFSCA/Banking Regulation/2022-23/3, which states the directions for issuing directions to be complied with for the issuance of Debit Cards by the IFSC Banking Units, also known as IBUs. The notification was issued through the exercise of powers conferred under section 35A of the Banking Regulation Act,1949 and section 13(1) of the International Financial Services Centres Authority Act, 2019, which is to be
incorporated in the IFSCA Banking Handbook during the subsequent amendment/updating of the Handbook.

The IFSCA defines Debit Cards as a physical or virtual payment instrument containing a means of identification, linked to a Saving Bank/Current Account which can be used, subject to prescribed terms and conditions, to –

  • Withdraw cash
  • Make online payments
  • Undertake PoS terminal transactions, fund transfers, etc.

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