RBI Extends Deadline for Key Credit Card Rules to Oct 2022
No longer current — withdrawn, no replacement on file yet
Source: Reserve Bank of India · RBI/2022-23/74 · issued 21 Jun 2022 · ~2 min read
Quick answerRBI has pushed the implementation date for three specific credit card rules from July 1 to October 1, 2022. These include OTP-based consent for dormant card activation, explicit consent for credit limit breaches, and a ban on capitalizing unpaid charges. Other provisions remain on the original timeline.
What changed
RBI extended the timeline for three provisions of the Master Direction on Credit Card and Debit Card Issuance and Conduct from July 1, 2022, to October 1, 2022. The affected rules are: seeking OTP-based consent for activating cards dormant over 30 days, ensuring credit limits are not breached without explicit consent, and prohibiting capitalization of unpaid charges for interest compounding. All other provisions of the Master Direction remain effective from July 1, 2022.
What it means for you
Banks and NBFCs get an additional three months to comply with these three specific requirements, easing operational pressure. The extension allows more time to update systems for OTP consent workflows, credit limit monitoring, and interest calculation changes. However, the rest of the Master Direction's rules are still due on July 1, so overall compliance readiness cannot slacken.
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
Update internal systems and processes for the three delayed provisions to be fully compliant by October 1, 2022.
Ensure all other provisions of the Master Direction are implemented by the original July 1, 2022 deadline.
Communicate the revised timeline to relevant teams including IT, operations, and customer service.
Review customer consent mechanisms for credit card activation and credit limit changes to align with the new rules.
Who it affects
All Scheduled Banks (excluding Payments Banks and State/District Co-operative Banks), All Non-Banking Financial Companies (NBFCs) issuing credit cards
❓ Common questions
Regulatory timeline
Stated effective dateeffective from July 1, 2022
Decoded by BankPulse2026-06-18 05:55 IST
repealed_by — Consolidation of Regulations — Withdrawal of circulars (28 Nov 2025)
Status change: withdrawn03 Aug 2026, 04:00 IST
Built from our lineage records — each fact carries its provenance; missing history simply is not shown (never guessed).
Which specific provisions have been delayed?
Three provisions: OTP-based consent for activating cards dormant over 30 days (para 6(a)(vi)), explicit consent for credit limit breaches (para 6(b)(v)), and no capitalization of unpaid charges for interest compounding (para 9(b)(ii)).
What is the new deadline for these provisions?
The new implementation date is October 1, 2022, instead of the original July 1, 2022.
Are any other parts of the Master Direction also delayed?
No, only these three provisions have been extended. All other requirements of the Master Direction remain effective from July 1, 2022.
📜 This document’s life story (1 recorded event, each backed by RBI’s own words)
Repealed byRBI/2025-26/100 — Consolidation of Regulations — Withdrawal of circulars (28 Nov 2025)
RBI’s words: “Official withdrawal register entry #231: DoR.AUT.REC.No.48/24.01.041/2022-23 — "Extension of Timeline for Implementation of Certain Provisions of Master Direction - Credit Card and Debit Card - Issuan”
📜 Read the original circular — full text as issued by RBI
RBI/2022-23/74
DoR.AUT.REC.No.48/24.01.041/2022-23
June 21, 2022
All Scheduled Banks (excluding Payments Banks/State Co-operative Banks and District Central Co-operative Banks)
All Non-Banking Financial Companies (NBFCs)
Madam/Dear Sir
Extension of timeline for implementation of certain provisions of Master Direction – Credit
Card and Debit Card – Issuance and Conduct Directions, 2022
Please refer to paragraph 1 (b) of the Master Direction – Credit Card and Debit Card – Issuance and Conduct Directions, 2022 (“Master Direction”) dated April 21, 2022, wherein the Reserve Bank had prescribed a timeline of July 01, 2022, for implementation of the provisions of the Master Direction.
2. Considering various representations received from the industry stakeholders, it has been decided to extend the timeline for implementation of the following provisions of the Master Direction to October 01, 2022:
Paragraph 6(a)(vi) - Card-issuers shall seek One Time Password (OTP) based consent from the cardholder for activating a credit card, if the same has not been activated by the customer for more than 30 days from the date of issuance. If no consent is received for activating the card, card-issuers shall close the credit card account without any cost to the customer within seven working days from date of seeking confirmation from the customer.
Paragraph 6(b)(v) - Card-issuers shall ensure that the credit limit as sanctioned and advised to the cardholder is not breached at any point in time without seeking explicit consent from the cardholder.
Paragraph 9(b)(ii) - No capitalization of unpaid charges/levies/taxes for charging/ compounding of interest.
3. The stipulated timeline for implementation of rest of the provisions of the Master Direction remains unchanged.
Yours faithfully
(Prakash Baliarsingh)
Chief General Manager
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2022-23/74 · issued 21 Jun 2022. The plain-English explanation above is BankPulse’s own independent summary.
Discuss this circular with fellow bankers — reply, upvote what helps, report what doesn’t belong. Be professional; no client data. Views are the commenter’s own, not BankPulse’s.
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=12342&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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