OneCard on Pause: RBI Seeks Clarity Before Issuance Resumes

Inside the announcement  
According to The Economic Times and Moneycontrol, the RBI has asked all banking partners of OneCard to pause new card issuances until compliance issues are addressed. The move comes amid the regulator’s broader tightening of rules around co-branded credit cards, particularly concerning customer data access and sharing practices. While existing cardholders remain unaffected, the pause is seen as a significant setback for OneCard, which has built its brand around digital-first, app-driven credit card experiences.  

Notable updates  
• RBI directs partner banks to halt new OneCard issuances pending clarifications  
• Concerns center on data-sharing norms in co-branded credit card partnerships  
• Existing OneCard customers remain unaffected by the directive  
• Pause reflects RBI’s broader tightening of fintech regulations in credit cards  
• Industry experts expect issuance to resume once compliance adjustments are made  

Major takeaway  
The RBI’s directive underscores its increasing vigilance over fintechs in India’s financial sector. For OneCard, the pause highlights the importance of regulatory alignment in sustaining growth. The outcome will shape how co-branded credit card models evolve under stricter compliance frameworks.  

Sources: The Economic Times, Moneycontrol