RBI open to let NBFCs in bank card enterprise

The Reserve Bank of India (RBI) has hinted at the potential for permitting non-banking monetary corporations (NBFCs), together with non-deposit taking ones, to undertake bank card enterprise.

However, in its Master route on playing cards, the RBI mentioned, “NBFCs registered with the Reserve Bank shall not undertake credit card business without prior approval of the Reserve Bank.” This means NBFCs can difficulty bank cards in the event that they safe the regulator’s nod.

The pre-requisite for this can be a minimal internet owned fund of Rs 100 crore and topic to such phrases and circumstances because the Reserve Bank could specify on this regard occasionally, the RBI grasp route mentioned.