Mumbai: reserve Bank of India On Tuesday, the banks were given three more months NBFC Issuance of credit and debit cards to comply with certain norms including activating the card without the consent of the customers.
In view of the various representations received from industry stakeholders, RBI has decided to extend the time limit for implementation of certain provisions of the direction up to October 1, 2022.
One of the provisions on which more time has been granted relates to credit card activation, As per the master directive, card issuers will have to obtain one-time password (OTP)-based consent from the cardholder to activate the credit card, if it has not been activated by the customer for more than 30 days from the date of issue. has gone.
If no consent to activate the card is received, the card issuer must close the credit card account at no cost to the customer within seven working days from the date of receipt of confirmation from the customer.
Further, the card issuers were asked to ensure that the credit limit sanctioned and granted to the cardholder is not breached at any time by July 1 without obtaining explicit consent from the cardholder. In this case also, they have been given time till now. 1 October.
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