BENGALURU: From now on, card issuers cannot share card data including transaction data of the cardholders with the outsourcing partners without explicit consent from the cardholder. The new rules stipulate that in case where the customers give explicit consent for sharing the information provided by them with other agencies, card issuers shall clearly state and explain to the customer the …
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 …
