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Corporate Laws Central Ministry of Finance Reserve Bank of India Act, 1934

Extension of timeline for implementation of certain provisions of Master Direction-Credit Card and Debit Card - Issuance and Conduct Directions, 2022

21-Jun-2022 | RBI/2022-2023/74 DoR.AUT.REC.No.48/24.01.041/2022-23

RBI has extended the timeline for implementation of Master Direction-Credit Card and Debit Card - Issuance and Conduct Directions, 2022 to 1st October 2022 instead of 1st July 2022 for the following provisions:-
1. Paragraph 6(a)(vi) - Card issuers shall seek One Time Password (OTP) based consent from the cardholder for activating a credit card if the same has not been activated by the customer for more than 30 days from the date of issuance. If no consent is received for activating the card, card issuers shall close the credit card account without any cost to the customer within seven working days from the date of seeking confirmation from the customer.
2. Paragraph 6(b)(v) - Card-issuers shall ensure that the credit limit as sanctioned and advised to the cardholder is not breached at any point in time without seeking explicit consent from the cardholder.
3. Paragraph 9(b)(ii) - No capitalization of unpaid charges/levies/taxes for charging/ compounding of interest
For rest of the provisions, the stipulated timeline remains unchanged.

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