RBI Grants 3-Months Extension For Debit, Credit Card Provisions

RBI has given extension for implementation of certain norms related to credit, debit cards

Adhering to representations by stakeholders, the Reserve Bank of India (RBI) has given a three-month extension after June 30, 2022 for provisions related to activating credit or debit cards as well as co-branding norms.

“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,” a statement issued by RBI said.

The extension has only been given for the provision that mandated card-issuing banks or institutions to seek One Time Password (OTP) based consent from the cardholder for activating a credit card if it has not been activated by the customer themselves for more than 30 days from the date of issuance.

The Indian Banks’ Association (IBA) had earlier sought a six-month extension on the changes in the Master Directions for cards.

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