RBI extends date for implementing provisions on credit, debit card issuance

Issuers given more time for OTP-based activation, ensuring credit limit is not breached without cardholder's consent

credit cards

Subrata Panda Mumbai
The Reserve Bank of India (RBI) on Tuesday extended the timeline for implementation of certain provisions of the master directions it issued on issuance of debit cards and credit cards by three months from July 1, 2022 to October 1, 2022.

“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 01, 2022”, the central bank said in a circular.

In the master directions issued in April, RBI had said card issuers will have to seek one-time password (OTP)-based consent from the cardholder for activating a credit card, if the same has not been activated by the customer for more than 30

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First Published: Jun 21 2022 | 9:00 PM IST

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