Synopsis FPL Technologies’ OneCard is facing a significant business setback as the Reserve Bank of India has instructed its partner banks to halt new card issuances. The central bank seeks clarity on data-sharing norms in these co-branded credit card arrangements before allowing operations to resume. This directive follows the RBI’s recent tightening of regulations for fintechs in the credit card ecosystem.
Company Images FPL Technologies, which offers cobranded credit cards under the OneCard brand, is facing a significant business setback after the Reserve Bank of India (RBI) asked all its partner banks to halt the issuance of new cards, according to three people aware of the development.
“The central bank has issued letters to all banking partners of FPL Technologies asking them to stop issuing cards with OneCard until certain issues raised by the regulator are addressed,” one of the people told ET.
Sources indicated that the RBI wants clarity on the data-sharing norms followed in these partnerships before allowing issuance to resume. OneCard’s partner banks include BOB Cards, SBM India, Federal Bank, CSB Bank, South Indian Bank and Indian Bank. The cards are issued by these lenders, while customer acquisition and management are handled by FPL Technologies.
Email queries to OneCard and the RBI went unanswered till press time Friday.
The development comes against the backdrop of the central bank’s tightening of regulations governing co-branded credit card arrangements.
In March 2024, Federal Bank and So
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