Relief in some provisions related to credit and debit card activation, RBI extended the deadline by 3 months

Relief in some provisions related to credit and debit card activation

These 3 provisions include OTP based consent to activate credit card, credit line and provisions related to unpaid charges, RBI did not give any relief to fintech companies

Reserve Bank credit and debit cards (Credit and Debit CardRelaxation has been given in the provisions related to activating co-branding cards including K. The central bank has approved the extension of three provisions for 3 months after 30 June 2022. reserve Bank ,RBIAccording to the statement issued by the company, after receiving requests from several stakeholders related to the industry, the deadline for implementing some of the provisions given in Master Direction on the cards of October 2022 is being extended. These 3 provisions include provisions related to OTP based consent, credit line and unpaid charges for activating the credit card. Although the Reserve Bank has approved Fintech ( Fintech) has not given any relief to the companies.

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