RBI: Reserve Bank of India gave relief to banks and NBFCs regarding credit and debit cards, you should also know

Posted on 22nd Jun 2022 01:21 pm by rohit kumar

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.

 

Also Read: RBI governor said: the risk on the debt will increase due to the entry of tech companies like Google-Amazon into the financial business

Other news

Economy: Fear of sluggish growth in the economy will help in controlling inflation, the Finance Ministry said - continuous efforts to bring GDP back on track

Like the global GDP, the Indian economy is expected to slow down. However, it will help in contro

Parents in India will keep an eye on their children's Instagram accounts, Meta has released a new feature.

Parents will now be able to keep an eye on teenagers using Instagram in India. Meta, the company

IND vs ENG: Shubman Gill's anger erupted over Lord's controversy, showing the mirror to England and English media in the middle of the press conference

Indian Test team captain Shubman Gill has termed the strategy of deliberately wasting time by Eng

Monsoon 2024 Update: Monsoon enters the country, heavy rains in Kerala; Know when it will rain in your state

Monsoon has entered the country. According to the Meteorological Department, monsoon has entered

Earthquake In Uttarkashi: The earth shook again in Uttarkashi, earthquake tremors felt

Earthquake tremors woke people from their sleep on Thursday (today) morning in Uttarkashi distric

Industry: Worst performance of Indian industry, industrial production down to 26-month low

The country's industrial production declined by 4 percent in October due to the weak performance

Petrol Diesel Price: Oil companies have released the prices of petrol and diesel, know how much are the prices in your city

Oil companies have released the prices of petrol and diesel for today. Today companies have not m

IPL 2024: 'Time will tell who is happy, who is not...', this MI veteran's statement on the captaincy dispute between Rohit-Hardik

Former Indian team and Mumbai Indians spinner Harbhajan Singh has stated the ongoing captaincy di

Dead bodies of 21 students found in South African nightclub: 13-year-old child among those who died, cause of death not clear

Sensation spread after the bodies of 21 students were found in a nightclub in South Africa. The s

America caught terrorist in Syria: A big leader of ISIS arrested in military raid of America and allies, believed to be a master in making bombs

In Syria, America and its allies had conducted a military raid on a village by helicopter. A lead