OneCard Under RBI Scanner, New Card Issuance Suspended

This article covers the regulatory action taken against OneCard, where the Reserve Bank of India (RBI) has flagged compliance issues leading to the suspension of new credit card issuance across partner banks. It describes the nature of the RBI’s concerns, including lapses in onboarding processes, risk management frameworks, and adherence to digital lending guidelines. The report explains how this action impacts OneCard’s business operations, partnerships with issuing banks, and customer acquisition plans. It also highlights the broader regulatory environment for fintech companies in India, emphasizing the RBI’s tightening oversight to ensure consumer protection, data security, and financial stability.