NEW RBI RULES FOR CREDIT & DEBIT CARD APPLICABLE FROM 1ST OCT 2020

RBI/2015-16/31

DBR.No.FSD.BC.18/24.01.009/2015-16                                                                                                                              July 1, 2015

Ashadha 10, 1937(Saka)

All Scheduled Commercial Banks (Excluding RRBs) and Credit Card Issuing NBFCs

Dear Sir/Madam

Master Circular on Credit Card, Debit Card and Rupee Denominated Co-branded Pre-paid Card Operations of Banks and Credit Card issuing NBFCs

Please refer to Master Circular No. DBOD.No.FSD.BC.02/24.01.009/2014-15 dated July, 2014 consolidating the instructions/guidelines issued on credit card operations of banks and NBFCs and debit cards/pre-paid card operations of banks.

2. The instructions on credit card operations of banks and NBFCs as well as guidelines on issuance of debit cards and co-branded pre-paid cards by banks issued up to June 30, 2015 have been consolidated in this Master Circular.

3. It may be noted that the instructions on credit card operations of banks are applicable, mutatis-mutandis, to NBFCs issuing credit cards.

4. All the credit, debit and pre-paid card issuing banks and credit card issuing NBFCs should adhere to these guidelines strictly.

Yours faithfully

 

(Lily Vadera)

Chief General Manager

Encl: As Above

 

 

Master Circular on Credit Card, Debit Card and Rupee Denominated Co-branded Pre-paid Card operations of Banks and Credit Card issuing NBFCs

A. Purpose: To provide a framework of rules/regulations/standards/practices to the credit, debit, prepaid card issuing banks and to the credit card issuing NBFCs to ensure that the same are in alignment with the best customer practices. Banks should adopt adequate safeguards and implement the following guidelines in order to ensure that their card operations are run on sound, prudent and customer friendly manner.

B. Classification: A statutory guideline issued by the RBI.

C. Previous Guidelines Consolidated: This Master Circular consolidates the instructions contained in the circulars listed in the Appendix.

D. Scope of Application: To all Scheduled Commercial Banks (excluding RRBs) that engage in credit, debit, pre-paid card business directly or through their subsidiaries or affiliated companies controlled by them and to all NBFCs that engage in credit card business.

www.tpconsultants.com