P&H High Court: Re-Investigation Cannot Nullify Existing Acquittal Despite Breach of Stay Order  ||  Gujarat HC: Illegal Mining Vehicle Complaints Must Be Filed Before Sessions Court, Not Magistrate  ||  Delhi High Court Lays Down Registry Directions for Dealing with Insufficiently Stamped Arbitral Award  ||  Delhi High Court: Victims Need No Leave to Appeal Acquittal or Conviction for Lesser Offence  ||  SC: Limitation Act Inapplicable to Revisions under Karnataka Land Revenue Act  ||  SC: Banks Can Invoke SARFAESI for Loans Acquired from NBFCs Outside the Act  ||  SC: Gujarat Prohibition Act Does not Bar Interim Seized Vehicle Release  ||  Supreme Court Quashes Rs. 425-Crore Customs Penalty Based on AI-Generated Fake Case Laws  ||  SC: Guilt cannot be Presumed Solely Due to Collusion Allegations against Investigating Officer  ||  SC: Clarificatory Statement Does Not Constitute a Binding Undertaking for Contempt Proceedings    

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