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RBI postpones implementation of Certain norms related to Cards by 3 Months

Published on June 22, 2022
Current Context: Reserve Bank gave three more months to banks and NBFCs issuing credit and debit cards to comply with certain norms including activation of cards without the consent of customers.
RBI postpones implementation of Certain norms related to Cards by 3 Months
  • Banks and non-banking financial companies (NBFCs) were to implement the Master Direction on 'Credit Card and Debit Card – Issuance and Conduct Directions, 2022' from July 1st.
  • As per the recent circular of RBI, the timeline for implementation of certain provisions of the Master Direction extended to October 01, 2022.
  • As per the Master Direction, card issuers must seek One Time Password (OTP) based consent from the cardholder for activating a credit card.
  • No consent is received for activating the card, card issuers should close the credit card account.
  • Apart from that, it has also postponed the implementation of a norm related to unpaid charges and the compounding of interest by three months.

Question:

Q.1 RBI has extended the timeline to __________for implementing the Master Direction on 'Credit Card and Debit Card.
a. 4 months
b. 3 months
c. 2 months
d. 5 months
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