New norms for issue of debit cards by Banks

The Reserve Bank of India has issued master directions for credit and debit card issuance in the year 2022. These fresh guidelines will come into effect from July 1, 2022. The guidelines apply to banks excluding payment banks, state co-operative banks, and district central co-operative banks. Also, all NBFCs operating in India should follow the…

Mandatory LEI codes required for non-individual borrowers to enjoy credit facility of 5 crore and above

RBI on Thursday (21.04.2022) extended the guidelines on Legal Entity Identifier (LEI) to Primary (Urban) Co-operative Banks (UCBs) and Non-Banking Financial Companies (NBFCs). According to RBI’s circular ‘Non-individual borrowers enjoying aggregate exposure of Rs 5 crore and above from banks (excluding RRBs) and financial institutions (FIs), who fail to obtain LEI codes from an authorized…