RBI Takes Action Against Non-Licensed Credit Card Transactions

2min Snip

00:00

Play full episode

Summary

Transcript

Episode notes

This chapter discusses the recent actions taken by RBI to block credit card transactions made by businesses without a license, speculating that Visa is the card network involved. It also mentions issues with KYC norms and potential problems with businesses using credit cards to pay rent to landlords.

On Wednesday [14th February], the big news was that the Reserve Bank of India was cracking down on certain fintechs again. And that they’d asked payment networks VISA and Mastercard to halt credit card payments for certain institutions.

Then at 6:00 pm Thursday [15th February], they issued a clarification and said ‘a Card Network’ had entered into arrangements that the RBI didn’t approve of.

So in today’s episode for 16th February , we tell you what on earth is going on.

If you're a person who is great at communicating and are enthusiastic to join our team, Ditto is looking to recruit new Insurance advisors. You don't even have to know about Insurance, we'll train you from scratch and you can enjoy working remotely with a great team. If you're interested in this or know someone who is please click this link. https://bit.ly/48WX5za