Master Direction – Credit Card and Debit Card – Issuance and Conduct Directions, 2022
This direction outlines the guidelines for credit card and debit card issuance and conduct, effective from July 01, 2022.
The direction applies to all card-issuers, including banks and non-banking financial companies (NBFCs).
The direction 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 issue of credit cards.
It also specifies the types of credit cards, closure of credit cards, interest rates, and other charges.
The direction aims to ensure transparency, customer protection, and fair practices in the credit card industry.
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