RBI's new credit card and debit card – Issuance and Conduct directions, 2022 come into effect from July 1
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The Reserve Bank of India (RBI) on Thursday came up with its master direction on credit card and debit card issuance and operations. The directions called, Reserve Bank of India (Credit Card and Debit Card – Issuance and Conduct) Directions, 2022, shall be effective from July 01, 2022 and provisions of these directions relating to credit cards shall apply to every scheduled bank (excluding payments banks, state co-operative banks and district central co-operative banks) and all non-banking financial companies (NBFCs) operating in India. According to the directions, the card issuer will pay a fine to the cardholder if there is a delay in closing the credit card account.