Master Direction – Credit Card and Debit Card – Issuance and Conduct Directions, 2022
This Master Direction outlines the guidelines for credit card and debit card issuance and conduct, effective from July 01, 2022.
The direction applies to all scheduled commercial banks, small finance banks, payment banks, and card networks operating in India.
The document defines various terms related to credit and debit cards, including add-on credit cards, annual percentage rates, billing cycles, and more.
Conduct of Credit Card Business
The direction outlines the eligibility criteria for credit card issuance, governance framework, and types of credit cards.
It also provides guidelines for the issue and closure of credit cards, interest rates, and other charges.
Key Takeaways:
The Master Direction aims to regulate the credit card and debit card industry, ensuring transparency and fairness in their issuance and conduct.
It provides a comprehensive framework for banks and card networks to follow, protecting the interests of cardholders.
Chat with the Master Direction: