RBI amends Master Direction on Credit Card and Debit Card:

RBI amends Master Direction on Credit Card and Debit Card The Reserve Bank of India (RBI) has notified amendment in Master Direction on Credit Card and Debit Card. RBI issued a Circular to notify this amendment The Circular Read as follows: In exercise of the powers conferred by Section 35A of the Banking Regulation Act, 1949 and Chapter IIIB of the Reserve Bank of India Act, 1934, the Reserve Bank of India being satisfied that it is necessary and expedient in the public interest to do so, hereby, amends certain provisions issued vide Master Direction DoR.AUT.REC.No.27/24.01.041/2022-23 dated April 21, 2022 on ‘Credit Card and Debit Card – Issuance and Conduct Directions, 2022’. The amended provisions of the Master Direction are enclosed in the Annex to this circular. Frequently Asked Questions relating to the provisions contained in the Master Direction are placed under the FAQ Section on the website and as an Appendix to the Master Direction.

Commencement

The amended provisions contained in this circular will go into effect on March 7, 2024. The captioned Master Direction is hereby revised to reflect the changes brought about by the following amendments.

Applicability

a. Instructions relating to credit cards shall apply to all credit card issuing Banks and Non-Banking Financial Companies (NBFCs). b. Instructions relating to debit cards shall apply to every bank operating in India. For Official Circular Download PDF Given Below: