Key Points
The Reserve Bank of Indias strict scrutiny of cobranded credit cards a sector that has seen strong growth recently in recent times is aimed at preventing backdoor entry into the highly regulated credit card industry, people aware of the situation told ET...
The central bank wants to strengthen regulations on cobranded credit cards, they said.. Elevate Your Tech Prowess with High-Value Skill CoursesOffering CollegeCourseWebsiteIIM LucknowIIML Executive Programme in FinTech, Banking & Applied Risk ManagementVisitMITMIT Technology Leadership and InnovationVisitIndian School of BusinessISB Product ManagementVisit..
This is not the first time the regulator has called out data sharing between cobranding partners It wants brands to just be sourcing channels or marketing channels for cobranded cards and not to be used by unregulated companies as a backdoor entry into the highly regulated credit card sector, said the founder of a fintech startup that operates in this space...
Non-banking finance companies (NBFCs) have been seeking regulatory nod for credit card issuance for years but the regulator only allows a handful of banks to issue these cards, the person pointed out...
For context: ICICI Bank has overall 16 million cards and HDFC Bank has around 20 million cards issued, RBI data shows.. Currently the total number of credit cards in the country stands at 99.5 million, up from 70 million in January 2022..
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