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RBI's credit line norms: Card-based fintech players may have to stop offers

Some of the players expected to take a hit due to the RBI's diktat are Slice, Uni Cards, Jupiter, EarlySalary, etc

Photo: Bloomberg

Card-based fintech players have stopped offers or are in the process of doing so. Photo: Bloomberg

Subrata PandaShivani Shinde Mumbai
In the light of the Reserve Bank of India (RBI) not permitting the loading of prepaid payment instruments (PPIs) from credit lines, card-based fintech players may have to stop their offers until the central bank clears the air on some issues.

Earlier this week, the RBI wrote to some non-bank PPI issuers, stating that the direction on this did not permit loading PPIs from credit lines. Such practice, if followed, should be stopped immediately. And, non-compliance may attract action under the Payment and Settlement Systems Act, 2007.

This has worried fintech lenders. Industry insiders are of the opinion that card-based

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First Published: Jun 23 2022 | 10:10 PM IST

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