SC: Menstrual Health is a Fundamental Right under Article 21; Orders Free Sanitary Pads in Schools  ||  Supreme Court: Industrial Court is the Proper Forum to Decide Issues Relating to Contract Labour  ||  Supreme Court: Only Civil Court of Original Jurisdiction Can Extend Arbitral Tribunal’s Mandate  ||  SC: Demolition of Private Property Must Rest on Clear Statutory Grounds and Due Consideration  ||  SC: After Complaint Was Withdrawn, BCI Disciplinary Committee Could Not Penalise Advocate  ||  MP HC: Decree Holder Cannot Defeat Compromise or Initiate Execution by Refusing Debtor’s Cheque  ||  MP HC: Spouse’s Income Cannot Be Clubbed With Public Servant’s for Disproportionate Assets Case  ||  Ker HC: Bar Association is Not Employer & Cannot Form Internal Complaints Committee under POSH Act  ||  SC: Ex-Contract Workers Must Be Preferred When Employers Replace Contract Labour With Regular Staff  ||  SC: Waqf Tribunals Cannot Hear Claims over Properties Not Listed or Registered under Waqf Act    

Extension of timeline for implementation of certain provisions of Master Direction - Credit Card and Debit Card - Issuance and Conduct Directions, 2022- (Reserve Bank of India) (21 Jun 2022)

MANU/RMIC/0115/2022

Banking

1. This is with reference to paragraph 1 (b) of the Master Direction - Credit Card and Debit Card - Issuance and Conduct Directions, 2022 ("Master Direction") dated April 21, 2022, wherein the Reserve Bank had prescribed a timeline of July 01, 2022, for implementation of the provisions of the Master Direction.

2. Considering various representations received from the industry stakeholders, it has been decided to extend the timeline for implementation of the following provisions of the Master Direction to October 01, 2022:

a) 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 date of seeking confirmation from the customer.

b) 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.

c) Paragraph 9(b)(ii) - No capitalization of unpaid charges/levies/taxes for charging/ compounding of interest.

3. The stipulated timeline for implementation of rest of the provisions of the Master Direction remains unchanged.

Tags : EXTENSION   IMPLEMENTATION   PROVISIONS  

Share :        

Disclaimer | Copyright 2026 - All Rights Reserved