RBI vide its Notification dated 25th April, 2023 issued to Scheduled Commercial Banks (excluding Payments Banks) and Scheduled Urban Co-operative Banks.
Circular dated December 02, 2013 Revised General Credit Card Scheme.
The Master Direction – Credit Card and Debit Card – Issuance and Conduct Directions, dated April 21, 2022, revised instructions on GCC are as follows:
1. The GCC Scheme is now known as the General Credit Card Facility.
2. The instructions apply to all banks which are eligible to issue credit cards under the Master Direction.
3. Individuals/entities sanctioned working capital facilities for non-farm entrepreneurial activities eligible for priority sector classification may be issued General Credit Cards.
4. The terms and conditions of the credit facilities extended in the form of GCC shall be as per the Board approved policies of the banks, within the overall framework laid down by Reserve Bank. Guidelines on collateral free lending for micro and small units issued from time to time shall apply.
5. Bank shall adhere to the instructions on reporting GCC data as issued by RBI from time to time.
The instructions supersede the GCC guidelines issued in December 2013, and come into effect as on the date of this circular. Debit cards issued under the 2013 circular remain valid until their expiry/repayment of existing credit facilities.
Link of the circular:https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12492&Mode=0
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