 "Reserve Bank of India, RBI")
The Reserve Bank on Tuesday gave three more months to banks and NBFCs issuing credit and debit cards to comply with certain norms including activation of cards without consent of customers.
Banks and non-banking financial companies (NBFCs) were to implement the Master Direction on 'Credit Card and Debit Card – Issuance and Conduct Directions, 2022' from July 1.
In view of various representations received from the industry stakeholders, the Reserve Bank of India (RBI) has decided to extend the timeline for implementation of certain provisions of the Master Direction to October 01, 2022, according to a circular issued by the
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