The Reserve Bank of India (RBI) has released new credit card rules, which will take effect on July 1, 2022. The new recommendations released by India’s central bank should be read by anybody who uses credit cards. The new credit card limits make things considerably easier for the user.
The RBI (Credit Card and Debit Card – Issuance and Conduct) Directions, 2022 are the new credit card guidelines that have been introduced. Every Scheduled Bank in India and other Non-Banking Financial Companies (NBFCs) will be affected. The new requirements do not apply to payments banks, state cooperative banks, or district cooperative central banks.
“These directions cover general and conduct regulations relating to credit, debit, and co-branded cards and should be read in conjunction with the Reserve Bank’s prudential, payment, technology, and cybersecurity-related directions applicable to credit, debit, and co-branded cards,” the RBI said in a statement.
