{"id":8351,"date":"2022-06-30T14:22:02","date_gmt":"2022-06-30T08:52:02","guid":{"rendered":"https:\/\/razorpay.com\/blog\/?p=8351"},"modified":"2022-09-05T16:06:16","modified_gmt":"2022-09-05T10:36:16","slug":"rbi-implements-new-norms-for-credit-debit-and-co-branded-cards-all-you-need-to-know","status":"publish","type":"post","link":"https:\/\/razorpay.com\/blog\/business-banking\/rbi-implements-new-norms-for-credit-debit-and-co-branded-cards-all-you-need-to-know\/","title":{"rendered":"RBI implements New norms for credit, debit and co-branded cards &#8211; All you need to know"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">The RBI released new norms as part of the Master Direction on issuance and conduct of debit and credit cards, a document that consolidates instructions on rules and regulations. The changes which are set to come into effect on July 1 said that co-branding partners shall not have access to information relating to customer transactions undertaken through the card. The rules limit the role of a co-branding partner entity to only marketing and customer acquisition.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Role of co-branding partner entity<\/span><\/h2>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The role of the co-branding partner entity under the new norms shall be limited to marketing\/distribution\u00a0 of\u00a0 the\u00a0 cards\u00a0 and\u00a0 providing\u00a0 access\u00a0 to\u00a0 the\u00a0 cardholder\u00a0 for\u00a0 the\u00a0 goods\/services that are offered<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The\u00a0 co-branding\u00a0 partner\u00a0 shall\u00a0 not\u00a0 have\u00a0 access\u00a0 to\u00a0 information\u00a0 relating\u00a0 to\u00a0 transactions undertaken\u00a0 through\u00a0 the\u00a0 co-branded\u00a0 card.\u00a0\u00a0<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">Why the change?\u00a0<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The new RBI guidelines came into place to safeguard the interest of card holders and to protect their data from misuse. As part of the new norm:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Card-issuers shall not reveal any information relating to customers obtained at the time of opening the account or issuing the card to any other person or organisation without obtaining their explicit consent. Furthermore, in cases where customers give consent for sharing their information with other agencies, card-issuers shall explicitly state and explain clearly to the customer the full meaning\/implications of the nature of disclosure<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The co-branding entity shall not be permitted to access any details of customer\u2019s accounts that may violate the card-issuer\u2019s secrecy obligations<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">What does this mean?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Non-banking or co-branding partners will not have access to customer data directly. All data will reside in bank servers only.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Impact<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Until banks are able to provide interfaces for customer data to be securely transmitted, all transaction data will only be available on bank portals.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This means that un-billed transactions and statements <strong>will not be available<\/strong> on RazorpayX dashboard and will only be available on the bank portal. Repayments and other requests can continue on the RazorpayX dashboard including card and <a href=\"https:\/\/razorpay.com\/blog\/introducing-add-on-cards\/\">add-on card<\/a> controls.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">How to access bank portal\u00a0<\/span><\/h2>\n<ul>\n<li><span style=\"font-weight: 400;\"><strong>Step 1:<\/strong> You can access the bank portal by logging in to <a href=\"https:\/\/razorpay.yappay.in\/login\" rel=\"nofollow noopener\" target=\"_blank\">razorpay.yappay.in\u00a0<\/a><\/span><\/li>\n<li><span style=\"font-weight: 400;\"><strong>Step 2:<\/strong> Enter your phone number and password.<\/span><\/li>\n<li><span style=\"font-weight: 400;\"><strong>Step 3:<\/strong> Login via OTP that you will receive in your registered phone number.<\/span><\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-8340 size-medium\" src=\"https:\/\/d6xcmfyh68wv8.cloudfront.net\/blog-content\/uploads\/2022\/06\/Screenshot-2022-06-30-at-1.48.52-PM-300x259.png\" alt=\"Bank Portal Login\" width=\"300\" height=\"259\" srcset=\"https:\/\/blog.razorpay.in\/wp-content\/uploads\/2022\/06\/Screenshot-2022-06-30-at-1.48.52-PM-300x259.png 300w, https:\/\/blog.razorpay.in\/wp-content\/uploads\/2022\/06\/Screenshot-2022-06-30-at-1.48.52-PM-1024x884.png 1024w, https:\/\/blog.razorpay.in\/wp-content\/uploads\/2022\/06\/Screenshot-2022-06-30-at-1.48.52-PM-768x663.png 768w, https:\/\/blog.razorpay.in\/wp-content\/uploads\/2022\/06\/Screenshot-2022-06-30-at-1.48.52-PM.png 1054w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\"><strong>Step 4:<\/strong> You will be redirected to the bank portal where you can see all your card details\u00a0<\/span><\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-8341 size-large\" src=\"https:\/\/d6xcmfyh68wv8.cloudfront.net\/blog-content\/uploads\/2022\/06\/Screenshot-2022-06-30-at-1.50.10-PM-1024x497.png\" alt=\"Bank portal for credit card\" width=\"1024\" height=\"497\" srcset=\"https:\/\/blog.razorpay.in\/wp-content\/uploads\/2022\/06\/Screenshot-2022-06-30-at-1.50.10-PM-1024x497.png 1024w, https:\/\/blog.razorpay.in\/wp-content\/uploads\/2022\/06\/Screenshot-2022-06-30-at-1.50.10-PM-300x146.png 300w, https:\/\/blog.razorpay.in\/wp-content\/uploads\/2022\/06\/Screenshot-2022-06-30-at-1.50.10-PM-768x373.png 768w, https:\/\/blog.razorpay.in\/wp-content\/uploads\/2022\/06\/Screenshot-2022-06-30-at-1.50.10-PM-1536x746.png 1536w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The RBI released new norms as part of the Master Direction on issuance and conduct of debit and credit cards, a document that consolidates instructions on rules and regulations. The changes which are set to come into effect on July 1 said that co-branding partners shall not have access to information relating to customer transactions<\/p>\n","protected":false},"author":66,"featured_media":8355,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[27],"tags":[340],"class_list":{"0":"post-8351","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business-banking","8":"tag-corporate-card"},"_links":{"self":[{"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/posts\/8351","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/comments?post=8351"}],"version-history":[{"count":0,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/posts\/8351\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/media\/8355"}],"wp:attachment":[{"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/media?parent=8351"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/categories?post=8351"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/tags?post=8351"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}