Business Standard

Uni Cards suspends services days after RBI tightens digital lending norms

"This process will begin in phases for our customers starting today and will be concluded by Monday," the company stated

Fintech startup Uni raises $70 mn Series A funding led by General Catalyst
Premium

Uni Cards had paused its customer onboarding when the central bank issued a communication in June saying prepaid instruments (PPIs) cannot be loaded from credit lines.

Subrata Panda Mumbai
Uni Cards on Friday said it was suspending card services on its products -- Uni Pay 1/3rd and Uni Pay 1/2 -- as a consequence of the digital lending guidelines, recently brought in by the Reserve Bank of India (RBI). These guidelines tighten norms around digital lending methods.

“This process will begin in phases for our customers starting today and will be concluded by Monday," the company stated.

Uni Cards had paused its customer onboarding when the central bank issued a communication in June saying prepaid instruments (PPIs) cannot be loaded from credit lines.

In its digital lending guidelines, the

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Aug 19 2022 | 7:58 PM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com