Loans on debit cards to be governed by digital lending guidelines: RBI

Payment aggregators that work as LSPs have to comply with digital lending guidelines

Loans offered on debit cards, including equated monthly instalment (EMI) programmes, would be governed under the digital lending guidelines of the Reserve Bank of India, the central bank clarified on Tuesday.

EMI programmes on credit cards would continue to be governed by rules laid down in the master direction on credit card and debit card issuance (2022). But loan products other than the EMI programmes offered on credit cards, which are not covered under the master direction on credit and debit card issuance, would have to adhere to the digital lending guidelines of RBI.

Responding to the frequently asked questions