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RBI Gives 3 Months Extension For Certain Provision Under Credit Card Rules Till 30th September 2022

RBI Update: RBI has given three months to come into...

RBI Update: RBI has given three months to come into force for some of the new rules going to be applicable for credit, debit and co-branded cards from June 30 onwards. Extension has been given. The provisions whose implementation deadline has been extended will now be applicable from 30 September 2022 onwards. According to the RBI, after the suggestions and requests received from the stakeholders of the industry, it was decided that some of the rules going to be applicable after June 30 regarding credit, debit and co-branded cards will now be applicable from October 1, 2022.

Now these rules will be applicable from October 1, 2022
1. The credit card issuing company will take approval from the cardholder to activate the credit card through one time password ie OTP based consent. If the customer does not activate the card within 30 days of issuance of the card, then the credit card issuing company will take approval from the cardholder to activate the credit card through one time password i.e. OTP based consent. If the prompt is not received, the card issuing company will have to close the credit card account after taking approval from the customer within 7 days without charging any charges from the customer.

2. The card issuing company will have to ensure that the credit limit sanctioned does not exceed the limit without the approval of the customer. And if any charge, levy, tax has not been paid, it should be ensured that the same is not capitalized.

RBI has made it clear that the rest of the provisions will be applicable from June 30 i.e. from July 1, 2022. RBI has not given any relief to fintech companies. According to the new rules, the details of the transactions done by the customer through the card will no longer be able to access the co-branding partner. Earlier the co-branding partner had information about the transactions done by the customer with the card, on the basis of which they could see the details of the customer’s spending as well as give reward points based on these spends.

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