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Master Circular on Credit Card Operations (2010)

No longer current — withdrawn, no replacement on file yet
Source: Reserve Bank of India · RBI/2010-11/61 · issued 01 Jul 2010 · ~2 min read
Quick answerRBI consolidated all credit card guidelines into a single Master Circular as of July 1, 2010, covering issuance, interest rates, billing, agent use, customer rights, grievance redressal, internal controls, and fraud prevention. Banks and NBFCs must strictly comply.

What changed

RBI updated the previous Master Circular (July 2009) by incorporating all instructions issued up to June 30, 2010. The circular consolidates existing guidelines into one document, adding no new substantive requirements but reinforcing the need for prudent risk management and customer-friendly practices.

What it means for you

Banks and NBFCs must ensure their credit card operations align with the consolidated framework, which emphasizes sound underwriting, transparent pricing, and robust grievance mechanisms. The circular warns against relaxing credit standards due to competition, especially during economic downturns, as portfolio quality deteriorates with the economy.

Historical instruction — do not use for current compliance. This is what was required at the time; it no longer reflects current RBI requirements. If no replacement rule is linked above, that only means none is recorded on our register yet — it does not prove no later applicable rule exists. Confirm on the official RBI source below.

What banks were required to do at the time

Who it affects

All Scheduled Commercial Banks (excluding RRBs) issuing credit cards, NBFCs engaged in credit card business directly or through subsidiaries, Direct Selling Agents (DSAs) and Direct Marketing Agents (DMAs) of banks/NBFCs

❓ Common questions

Regulatory timeline

Built from our lineage records — each fact carries its provenance; missing history simply is not shown (never guessed).

Does this Master Circular introduce any new rules for credit card operations?

No, it consolidates all existing instructions issued up to June 30, 2010, into a single document. Banks must continue to follow the same guidelines as before.

Who is required to comply with this circular?

All Scheduled Commercial Banks (excluding Regional Rural Banks) and NBFCs that issue credit cards, either directly or through their subsidiaries or affiliated companies.

What is the key risk highlighted in the circular regarding credit card portfolios?

The circular notes that portfolio quality deteriorates during economic downturns, especially if banks have relaxed underwriting and risk management due to competition. Prudent policies are essential.

📜 This document’s life story (1 recorded event, each backed by RBI’s own words)
Repealed by RBI/2025-26/100 — Consolidation of Regulations — Withdrawal of circulars (28 Nov 2025)
RBI’s words: “Official withdrawal register entry #1665: DBOD.No.FSD.BC.16/24.01.011/2010-11 — "Master Circular on Credit Card Operations of Banks" dated July 1, 2010”
📜 Read the original circular — full text as issued by RBI
RBI/2010-11/61 DBOD.No.FSD.BC. 16 / 24.01.011/ 2010-11 July 1, 2010 Ashadha 10, 1932 (Saka) All Scheduled Commercial Banks /NBFCs (excluding RRBs) Dear Sir Master Circular on Credit Card Operations of banks Please refer to the Master Circular No. DBOD.FSD.BC.19/24.01.011/2009-10 dated July 1, 2009 on credit card operations of banks consolidating the instructions/guidelines issued to banks till June 30, 2009. The Master Circular has been suitably updated by incorporating instructions issued upto June 30, 2010. The Master Circular has also been put on the RBI website ( http://www.rbi.org.in ). A copy of the Master Circular is enclosed. All the credit card issuing banks/NBFCs should adhere to these guidelines strictly. Yours faithfully (A. K. Khound) Chief General Manager Encl: As above Table of Contents Paragraph No
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2010-11/61 · issued 01 Jul 2010. The plain-English explanation above is BankPulse’s own independent summary.
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BankPulse Compliance Evidence Pack — generated 03 Aug 2026 · status cross-checked against RBI’s official withdrawal register (refreshed weekly).
Official RBI source: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=5794&Mode=0 — Plain-English summary by BankPulse (bankpulse.ai), reviewed by our expert reviewer, CA Amit Jain. Independent platform, not affiliated with the Reserve Bank of India; is our own plain-English paraphrase, not RBI’s original wording.
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