OneCard stops issuing new credit cards as RBI seeks clarifications from partner banks

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FPL Technologies, which offers cobranded credit cards under the OneCard brand, is facing a significant business setback after the Reserve Bank of India (RBI) asked all its partner banks to halt the issuance of new cards, according to three people aware of the development.

“The central bank has issued letters to all banking partners of FPL Technologies asking them to stop issuing cards with OneCard until certain issues raised by the regulator are addressed,” one of the people told ET.

According to the sources, the RBI wants clarity on the…



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OneCard stops issuing new credit cards as RBI seeks clarifications from partner banks



FPL Technologies, which offers cobranded credit cards under the OneCard brand, is facing a significant business setback after the Reserve Bank of India (RBI) asked all its partner banks to halt the issuance of new cards, according to three people aware of the development.

“The central bank has issued letters to all banking partners of FPL Technologies asking them to stop issuing cards with OneCard until certain issues raised by the regulator are addressed,” one of the people told ET.

According to the sources, the RBI wants clarity on the…



Source link

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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