Uni Cards suspends services days after RBI tightens digital lending norms

Uni Cards on Friday said it was suspending card services on its products -- Uni Pay 1/3rd and Uni Pay 1/2 -- as a consequence of the digital lending guidelines, recently brought in by the Reserve Bank of India (RBI). These guidelines tighten norms around digital lending methods.

“This process will begin in phases for our customers starting today and will be concluded by Monday," the company stated.

Uni Cards had paused its customer onboarding when the central bank issued a communication in June saying prepaid instruments (PPIs) cannot be loaded from credit lines.

In its digital lending guidelines, the