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As RBI forces bigwig issuers to rein in credit cards, lenders turn wary of plastic
Money Control
·
1y ago
Medial
In May, there was a moderation in the growth of credit card issuance and spends in India. The Reserve Bank of India has imposed bans on credit card issuance as a penalty on select banks in recent months. Banks have become more cautious as the growth in credit card spends has shown a decline. However, the volume of card swipes for smaller transactions remains high. The integration of UPI and credit cards may have contributed to this volume.
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Federal Bank, South Indian Bank announce measures on co-branded credit cards
Money Control
·
1y ago
Medial
Federal Bank and South Indian Bank have announced measures regarding their co-branded credit cards in response to regulatory guidance from the Reserve Bank of India (RBI). Federal Bank has stopped issuing new co-branded credit cards and is rectifying deficiencies before resuming issuance. Both banks will continue to service existing customers with co-branded credit cards. The RBI recently amended its master directions on credit and debit cards, requiring card issuers to monitor the end use of funds and safeguard customer data. The RBI also stated that card issuers should not be restricted from using services from multiple networks.
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RBI ups scrutiny on credit cards
Economic Times
·
1y ago
Medial
The Reserve Bank of India is tightening regulations on cobranded credit cards to prevent unregulated companies from entering the highly regulated credit card sector. The RBI wants cobranded cards to grow in a regulated fashion and has instructed issuers to prominently display the name of the issuing bank on the cards. The central bank is also prohibiting banks from entering into exclusive arrangements with card networks and is concerned about the end use of credit cards, both for corporate and retail purposes. These restrictions follow the RBI's recent scrutiny of digital lending and payments aggregator space.
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RBI asks card issuers to put in place mechanism to monitor end use of funds
Money Control
·
1y ago
Medial
The Reserve Bank of India (RBI) has amended the Master Direction on Credit Card and Debit Cards, requiring card issuers to monitor the end use of funds more effectively. The provisions will be put into effect immediately. The RBI also specified that card transaction data can be drawn directly from the card issuer’s system in an encrypted form and displayed on the co-branding partner platform with robust security measures. Card issuers are prohibited from sharing card data with outsourcing partners without explicit consent from the cardholder, and the storage and ownership of card data must remain with the issuer.
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Rupay Credit Card Demand Soars by 37% in Q2 FY24 Key Trends and Preferred Issuers
Business Bytes
·
1y ago
Medial
The demand for Rupay credit cards in India saw a significant increase of 37% in the second quarter of fiscal year 2024. This surge was particularly prominent in cities such as Jaipur, Meerut, Surat, Nagpur, Ranchi, Raipur, and Varanasi. Axis Bank, HDFC Bank, and the State Bank of India were identified as the preferred issuers of Rupay cards. This article explores the trends behind the surge in demand, regional dynamics, and the reasons for the popularity of specific issuers. It also highlights Rupay's competitive edge and its role in promoting financial inclusion. The article concludes by examining future projections for the credit card landscape in India.
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Linking RuPay credit cards to UPI: What you need to know
Money Control
·
1y ago
Medial
Linking your credit card to UPI allows you to spend smaller amounts through your credit card. RBI allowed RuPay credit cards to be linked to UPI in June 2022, resulting in significant growth in the number of credit cards issued. HDFC MoneyBack Plus Credit Card, ICICI Coral credit card, SBI SimplySAVE credit are some popular credit cards that can be linked to UPI.
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RBI Pressing For Wider Adoption Of UPI-Like Credit Platform For Farmers, MSMEs
Inc42
·
1y ago
Medial
The Reserve Bank of India (RBI) is promoting the adoption of an open-source credit disbursal platform, similar to the Unified Payments Interface, to simplify credit access for farmers and small business owners. The Public Tech Platform for Frictionless Credit (PTPFC) aims to streamline the process for obtaining agricultural loans and Kisan credit cards. The platform facilitates connections between lenders, startups, and borrowers, with the goal of meeting the increasing demand for formal credit. Successful pilots have already been conducted in specific districts, resulting in INR 3,500 crore ($466 million) worth of loans disbursed.
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Credit card spending drops to 8-month low amid exams & market slump, RBI data shows
Business Today
·
3m ago
Medial
Credit card spending in India dropped to Rs 1.67 lakh crore in February, with major issuers reporting fewer new cards. New issuances fell from 820,000 in January to 440,000 in February. The total number of credit cards reached 109.3 million by February's end. Both point of sale transactions and e-commerce payments declined, from Rs 69,429.4 crore to Rs 62,124.91 crore, and Rs 1.15 trillion to Rs 1.05 trillion, respectively. Despite challenges, the industry anticipates continued growth.
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How fintech startups are dealing with bleak credit cards outlook
Economic Times
·
11m ago
Medial
The slowdown in credit card issuance in India is expected to worsen in the coming quarters, causing difficulties for fintech startups in the sector. Major issuers like SBI Card and new-age lenders like AU Small Finance Bank have expressed plans to limit growth due to tighter regulatory scrutiny and a focus on credit quality. This slowdown will impact players like Federal Bank and others in the industry.
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Here’s why RBI placed B2B card pay on full hold
Economic Times
·
1y ago
Medial
The Reserve Bank of India (RBI) has halted the usage of cards for B2B payments, affecting transactions made through commercial credit cards like Visa and Mastercard. Fintech startups such as EnKash and Paymate have also suspended these payments. The RBI aims to regulate payment intermediaries under the PA/PG guidelines, and the issue is related to transaction flow, potential fraud, and KYC compliance. Some players are migrating vendors to online merchants to resolve the disruption in B2B payments.
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Why Kotak Mahindra Bank was barred by RBI from onboarding new online customers, issuing credit cards
Money Control
·
1y ago
Medial
The Reserve Bank of India (RBI) recently took the decision to bar Kotak Mahindra Bank from onboarding new customers through online and mobile banking channels, as well as issuing fresh credit cards. The specific reason for this action has not been disclosed.
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