RBI extends deadline to comply with new card rules

RBI extends deadline to comply with new card rules

Mumbai: The Reserve Bank of India on Tuesday granted a three-month extension for the implementation of certain provisions entailed as part of the credit and debit card issuance and conduct guidelines.

“Considering various representations received from the industry stakeholders, it has been decided to extend the timeline for implementation of the following provisions of the Master Direction to October 1, 2022,” the RBI said.

Card issuing entities now have time till October 1 to implement requirements regarding seeing a one-time password from customers for activation of a credit card. If no consent is received for activating the card, card issuers will have to close the credit card account without any cost to the customer within seven working days from the date of seeking confirmation from the customer.

Card issuers will also have to ensure that the credit limit as sanctioned and advised to the cardholder is not breached at any point without seeking explicit consent from the cardholder.

Source By: economictimes