The Reserve Bank of India (RBI) announced amendments to the Master Direction – Credit Card and Debit Card – Issuance and Conduct Directions, 2022.
This move was made under section 35A of the Banking Regulation Act, 1949, and chapter IIIB of the Reserve Bank of India Act, 1934. According to an RBI announcement, the aim is to update regulations governing credit and debit card operations.
The amendments to certain provisions in the master direction are aimed at enhancing the functioning and regulation of credit and debit card services.
These changes hold significance for both banks and non-banking financial companies issuing credit cards, as well as banks operating in India providing debit card services. According to the RBI, implementing these amendments will ensure better adherence to regulatory standards, enhance consumer protection measures, and foster a more robust and transparent credit and debit card ecosystem.
