RBI Grants Banks, NBFCs 3 Month Extension To Adhere To Certain Credit, Debit Card Norms

Reserve Bank of India gave banks and non-banking financial companies (NBFCs) a three-month extension on June 21 to comply with certain rules connected to providing credit and debit cards, including card activation without clients' approval. Banks and NBFCs were supposed to adopt Master Direction on "Credit Card and Debit Card - Issuance and Conduct Directions, 2022" on July 1. The schedule for implementing remaining aspects of Master Direction remains unaltered.