NEWS & ADVICE : CREDIT CARDS
RBI allowed banks to issue online debit cards
By Ankit Sharma
Dec 13, 2012
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The Reserve Bank of India has allowed banks to issue online debit cardsco-branded credit cards and rupee denominated co-branded pre-paid cards, without approval of the central bank. In a circular RBI said, "To obviate the need for banks to approach the RBI for every co-branding arrangement".

However, bankers should conform to the norms giving by RBI while issuing such cards. The banking regulator said that there should be strict compliance with KYC norms, AML (anti-money laundering) standards, CFT (combating of financing of terrorism) and obligation of banks under PMLA (prevention of money laundering act).

RBI mentioned, "Banks which are presently issuing offline debit cards may conduct a review of their offline debit card operations and discontinue operations of such cards within a period of six months from the date of this circular".

RBI also mentioned that confidentiality of the customers should be maintained. Banks should comply with instructions laid down by Department of Payment and Settlement Systems of the RBI.


 


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