The Reserve Financial institution of India (RBI) on Tuesday notified that it has prolonged the timeline for implementation of some provisions beneath its grasp instructions on bank card and debit card issuance. For these provisions, the timeline has been prolonged by three months from July 1, 2022, to October 1, 2022. 

“Contemplating varied representations acquired from the trade stakeholders, it has been determined to increase the timeline for implementation of the next provisions of the Grasp Route to October 01, 2022,” the notification by the RBI learn.

The provisions specified by the central financial institution are as follows: 

Card-issuers shall search One Time Password (OTP) based mostly consent from the cardholder for activating a bank card, if the identical has not been activated by the shopper for greater than 30 days from the date of issuance. If no consent is acquired for activating the cardboard, card issuers shall shut the bank card account with none value to the shopper inside seven working days from date of in search of affirmation from the shopper.

Card-issuers shall be certain that the credit score restrict as sanctioned and suggested to the cardholder just isn’t breached at any time limit with out in search of express consent from the cardholder. 

No capitalization of unpaid expenses/levies/taxes for charging/ compounding of curiosity

RBI additional acknowledged that stipulated timeline for implementation of remainder of the provisions of the grasp route stays unchanged.

In April, RBI has issued the grasp instructions for credit score and debit card issuance for the yr 2022. These instructions shall be efficient from July 1, 2022. 

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