RBI extends date for implementation of provisions concerning card issuance

The Reserve Bank of India has notified that it has extended the timeline for implementation of a few provisions under its master directions on credit card and debit card issuance. The timeline has been extended by three months from July 1, 2022, to October 1, 2022.

Provisions: Card-issuers shall seek OTP based consent from the cardholder for activating a credit card, If consent is not received then card issuers shall close the credit card account without any cost.