The Reserve Bank of India (RBI) extended the deadline for implementing a number of the master directives it issued on the issuance of debit cards and credit cards. by three months, from July 1, 2022 to October 1, 2022. The following Master Direction provisions will now go into effect on October 1, 2022 the central bank announced in a circular. This decision was made after taking into account various comments from industry stakeholders.
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Additionally, the deadline for card issuers to comply with the RBI’s mandate to ensure that the credit limit approved and notified to the cardholder is never exceeded without the cardholder’s express agreement has been extended. In order to prevent negative amortisation, the RBI also stated that the terms and conditions for paying credit card bills, including the minimum amount required, must be specified.
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