Find out if there is a credit card or debit card! RBI announces new rules

By | 23 April, 2022

Reserve Bank of India has issued Master Circular on Credit Cards and Debit Cards. Learn more about this.

Ads by

The Reserve Bank of India has issued Master Circular on Credit Cards and Debit Cards
NBFC cannot issue debit card without RBI’s permission
Only 2 NBFCs will be able to issue credit cards
The Reserve Bank of India has issued Master Circular on Credit Cards and Debit Cards

The Reserve Bank of India has issued a Master Circular on Credit Cards and Debit Cards. According to the circular, rural banks can now also issue cards. However, the rural bank will have to enter into an agreement with the sponsor bank for this. If the financial condition of the Urban Co-operative is strong, they can also disclose the credit card. Experts say the master circular indicates that the Reserve Bank may allow non-banking financial companies, i.e. NBFCs, to issue credit cards in the coming days. If one wants to disclose an NBFC credit card, he has to seek the wages of the Reserve Bank.

If you are also a beneficiary of PM Kisan Scheme, this is how to get e-KYC sitting at home, learn the step by step process.
How to update Aadhaar card if house is changed? Learn the easiest way
… then hang me in public, see what the then Chief Minister said on the issue of ‘The Kashmir Files’
The new circular of the Reserve Bank applies to all Scheduled Commercial Banks, State Co-operative Banks, District Central Co-operative Banks, Non-Banking Financial Companies. However, the Reserve Bank’s rule does not apply to payment banks.

Also Read  સરકારી શાળાઓમાંથી જર્જરિત વર્ગખંડો દૂર કરવા બાબત

NBFC cannot issue debit card without RBI’s permission
The RBI said in a circular issued on April 21 that NBFCs would have to seek RBI’s permission before starting a credit card business. For this, NBFC needs to have its own fund of Rs 100 crore. An NBFC credit card is a distant thing without the permission of the Reserve Bank, even a debit card cannot be disclosed.

also read વાર્ષિક પરીક્ષાના ગુણ સ્કેનિંગ કરવાને બદલે ડેટા એન્ટ્રી કરવા બાબત રજુઆત

Grameen Bank can also issue credit cards
Regional Grameen Bank may issue credit cards in association with Sponsor Bank. If the urban co-operative’s financial position is strong, it can also disclose credit cards. However, this requires a minimum networth of Rs 100 crore. In addition, certain conditions must be met.

Multiple charges have to be stated in detail
One of the complaints of credit card users is that they do not have the power to get proper information regarding charges. In order to protect the interests of consumers, the Reserve Bank has focused on increasing transparency. According to the circular, credit card issuers will have to share detailed information about the annual charges. The card issuer will have to be informed about other charges including retail purchase, balance transfer, non-payment of minimum payment, late payment fee.

ગુજરાતીમાં વાંચવા માટે અહી ક્લિક કરો

The cardholder cannot be threatened
The credit card issuer has also been told not to increase the card limit without the consent of the customer. In addition, the card will not be upgraded. When a credit card company hires a third party to make predictions, they cannot intimidate the customer.

Only 2 NBFCs will be able to issue credit cards
Experts say there are currently only 2 NBFCs with credit card business. SBI Cards & Bobcards Ltd. Bajaj Finance, like NBFC, may disclose its own credit card following a new RBI order. Bajaj Finance Co currently launches brand credit cards. Currently this NBFC offers features like credit cards through the Buy Now Pay Letter option.

Leave a Reply

Your email address will not be published.