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

1 Like 0 Dislike
Previous news Next news
Other news

Vande Bharat Metro: After Vande Bharat Express, the Vande Metro train will now run across the country, Railway Minister announced

Union Finance Minister Nirmala Sitharaman presented the Union Budget 2023 on 1 February. Rs 2.40

Raisina Dialogue: Italy's PM Meloni arrives in Delhi, Chief Guest of the 8th Raisina Dialogue, PM will inaugurate

Italy's Prime Minister Giorgia Meloni has reached New Delhi for a two-day state visit. Many senio

Ukraine is not Poland, the attack will be heavy: This is where Hitler's attack started the Second World War; One mistake of Russia will cause havoc

Russia fired more than 100 missiles on Ukraine late at night on 15th November i.e. Tuesday. Ukrai

Mukhtar Ansari: Mukhtar Ansari sentenced to ten years in gangster case, fined five lakhs, Afzal sentenced to 4 years

In the Additional Sessions Judge First / MP-MLA court, the verdict was pronounced in the ongoing

Covid-19: CDSCO starts inspection of pharmaceutical companies, a committee constituted to ensure quality

Amidst the apprehension of the fourth wave of the Corona epidemic, the central government has sta

'Some people consider themselves over smart', SC's harsh comment on Samay Raina; Conditional relief to Ranveer Allahabadia.

The Supreme Court has given conditional permission to YouTuber Ranveer Allahabadia, accused of ma

Sam Bahadur Day 13 Box Office: Fans' craze for 'Sam Bahadur' is not decreasing, so many notes were printed on the 13th day

Sam Bahadur Day 13 Box Office Collection: Vicky Kaushal's film 'Sam Bahadur' has made a lot of he

CM Yogi In Ayodhya: CM Yogi reached Ayodhya, visited Hanumangarhi; Conversation with Jagadguru Rambhadracharya

CM Yogi In Ayodhya: Uttar Pradesh Chief Minister Yogi Adityanath is on an Ayodhya tour today (Fri

Future Group-Amazon: Shock to Biyani and Amazon, Future Retail declared bankruptcy, order to act on BOI's petition

The National Company Law Tribunal (NCLT) has accepted the Bank of India's appeal to initiate inso

NZ vs SA: Kane Williamson made a world record in Test cricket, leaving behind legends like Steve Smith and Sachin Tendulkar.

Kane Williamson continues to perform brilliantly in Test cricket. Kane Williamson has created a w

Sign up to write
Sign up now if you have flare of writing..
Login   |   Register
Follow Us
Indyaspeak @ Facebook Indyaspeak @ Twitter Indyaspeak @ Pinterest RSS



Play Free Quiz and Win Cash