Uni accepts RBI norms for Non-Bank PPI Iissuers; card services are suspended

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Fintech startup Uni Card announced that it is temporarily suspending card services for its products, the Uni Pay 1/3rd Card and the Uni Pay 1/2 Card. The decision is in response to RBI guidelines prohibiting non-bank prepaid payment instrument (PPI) issuers from loading PPIs with credit lines.

Uni Cards stated that it is “proactively” suspending card services for its customers, which will begin on Friday and be completed by Monday (August 22). According to the startup, Uni Cash is designed to help customers transfer their credit lines directly and instantly to their bank account, and it is also extending a zero-charge partial limit on Uni Cash until September 21.

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Uni accepts RBI norms for Non-Bank PPI Iissuers; card services are suspended

Fintech startup Uni Card announced that it is temporarily suspending card services for its products, the Uni Pay 1/3rd Card and the Uni Pay 1/2 Card. The decision is in response to RBI guidelines prohibiting non-bank prepaid payment instrument (PPI) issuers from loading PPIs with credit lines.

Uni Cards stated that it is “proactively” suspending card services for its customers, which will begin on Friday and be completed by Monday (August 22). According to the startup, Uni Cash is designed to help customers transfer their credit lines directly and instantly to their bank account, and it is also extending a zero-charge partial limit on Uni Cash until September 21.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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