On April 21, 2022, the Reserve Bank of India issued a new Master Direction - Credit Card and Debit Card - Issuance and Conduct Directions, 2022 (“Directions”). A significant focus of these Directions has been to strengthen and prioritise consent and information rights of the card holder.
Under the new RBI Directions, credit card companies will need to take explicit consent from their customers for a slew of authorizations. Under the Directions, this explicit consent must either be obtained via written consent or via digital consent that is backed by multi-factor authentication.
The agreement between the card issuer and the card holder must also be signed — and the copy sent to the registered email or postal address of the customers.
With Leegality’s Document Infrastructure platform, you can ensure a smooth transition to digital consent and electronic credit card agreements in a legally compliant manner. Click here to book a quick consultation with us to discuss how you can become compliant with the new RBI consent requirements in less than 21 days.