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The Reserve Bank of India has provided an additional three months to banks and NBFCS that issue credit and debit cards to comply with the certain norms, including activating cards without customer consent.
The regulator had directed banks and NBFCs to implement the Master Direction that it had issued for credit and debit cards under Issuance and Conduct Direction 2022 from July 1. After receiving numerous requests from various stakeholders, the Reserve bank of India has decided to extend the timeline for implementing specific provisions of the Master Directioncircular issued on October 01, 2022.
RBI postpones the implementation of certain provisions of the Master Direction
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