RBI issues new guidelines for credit, debit cards. Key highlights
Card issuers are banks that issue debit or credit cards and NBFCs which have been permitted by RBI to issue credit cards in India.
The Reserve Bank of India (RBI) has released master directions for credit and debit card issuance in the year 2022. These fresh guidelines will come into effect from July 1, 2022. The guidelines apply to banks excluding payment banks, state co-operative banks, and district central co-operative banks. Also, all NBFCs operating in India should follow the new norms of card issuance.