Central Banking

Banks need no RBI nod for online debit cards

INDIA - Banks will not be required to seek the approval from the Reserve Bank of India (RBI) for introducing online debit cards, where straight-through-processing is done.

They are allowed to launch the debit cards with the approval of their respective boards. However, they will be required to forward a copy of the agenda-note put up to their board and the resolution passed to the Reserve Bank of India.

In the case of offline debit cards, banks will be required to obtain prior approval of the apex

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