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

General Credit Card (GCC) Facility - Review

25-Apr-2023 | RBI/2023-2024/19 FIDD.MSME & NFS.BC.No.06/06.02.31/2023-24

RBI has reviewed the General Credit Card (GCC) Facility of the General Credit Card (GCC) scheme and Master Direction on Credit Card and Debit Card - Issuance and Conduct Directions, 2022.
By virtue of this, the revised General Credit Card (GCC) Facility is as follows:
1. The GCC Scheme shall henceforth be called the General Credit Card (GCC) Facility.
2. The instructions shall apply to all banks which are eligible to issue credit cards under the Master Direction - Credit Card and Debit Card - Issuance and Conduct Directions, 2022.
3. Individuals/entities sanctioned working capital facilities for non-farm entrepreneurial activities which are eligible for classification under the priority sector guidelines, may be issued General Credit Cards.
4. The terms and conditions of the credit facilities extended in the form of GCC shall be as per the Board approved policies of the banks.
5. Bank shall adhere to the instructions on reporting GCC data as issued by RBI from time to time.

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