The Reserve Bank of India has given relief to credit and debit card issuing banks and non-banking finance companies (NBFCs). The RBI on Tuesday extended by three months the deadline for complying with certain norms like activating the card without the consent of the customers. The provisions in compliance with which the RBI has given relief also include provisions related to the activation of credit cards.
Explain that from July 1, banks and non-banking finance companies were to implement the RBI's instructions on 'issuance and operation of credit cards and debit cards. Taking into account the reports received from the banking industry, RBI issued a statement.
In its statement, RBI said that it has been decided to extend the deadline for implementation of certain provisions of this Master Direction till October 1, 2022. The provisions in compliance with which the RBI has given relief also include provisions related to the activation of credit cards. As per RBI's Master Direction, if the card has not been activated even after 30 days of issuance, the issuer will have to obtain One Time Password (OTP) based consent from the cardholder to activate the credit card.
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