The Reserve Bank of India has released directions on issuing credit and debit cards, aiming to empower card users and check misconduct of issuers. Non-bank lenders must seek RBI nod before issuing credit cards, and follow strict regulations on sharing data even with their co-branding partners. The regulations empower credit card customers, mandate lenders to take consent of customers on …
As courier services were disrupted during the lockdown, private lender RBL Bank was unable to deliver credit cards to customers who got an approval. “They could at least start using the card online until their physical card arrives,” said Sankarson Banerjee, chief information officer at RBL Bank. While digital KYC resolved the problem of customer acquisition, card issuers still had …
