Monday, January 15, 2007

Issue of Cobranded Credit Cards by nbfcs

It has been decided to allow Non Banking Finance Companies (NBFCs), selectively, registered with the Reserve Bank of India for issuing of the co-branded credit cards with scheduled commercial banks, without risk sharing, and subject to the prior approval of the Reserve Bank, for an initial period of two years and a review thereafter. NBFCs fulfilling certain minimum requirements including minimum net owned fund of Rs.100 crore etc. are eligible to apply. 


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