The RBI has directed partner banks to stop issuing OneCard credit cards to new applicants until further notice.
Why?
The RBI is examining data-sharing practices between OneCard and its partner banks.
As per the latest co-branded credit card regulations, the co-branding partner is not allowed to access cardholders’ transaction-level data. However, in OneCard’s model, the fintech partner reportedly manages almost the entire customer lifecycle and operations - which may be the reason RBI is scrutinising this arrangement.
Here’s what you need to know:
1️⃣ Who are OneCard’s partner banks?
OneCard issues its co-branded credit cards through multiple banks, including:
• Federal Bank
• BOB Card
• CSB Bank
• Indian Bank
• South Indian Bank
• SBM Bank
All of these banks offer the OneCard Credit Card.
2️⃣ What is RBI checking?
According to Economic Times, the RBI wants clarity on how customer data is being shared under this fintech–bank partnership model.
The regulator wants to ensure:
✔ Compliance with data sharing norms (RBI guidelines for co-branded cards)
✔ No unauthorized data access
✔ Proper governance between partner banks & OneCard
Only after this evaluation will new issuance be allowed again.
3️⃣ What does this mean for users?
• Existing OneCard customers are NOT impacted.
• Only new applications are temporarily paused.
• Partner banks may resume issuance once RBI is satisfied with the data-sharing framework.
4️⃣ Why this matters
RBI has been tightening oversight on:
• Fintech–bank partnerships
• Data privacy
• Outsourcing arrangements
• Co-branded credit card governance
This step aligns with RBI’s broader push for consumer protection & transparency.
Why?
The RBI is examining data-sharing practices between OneCard and its partner banks.
As per the latest co-branded credit card regulations, the co-branding partner is not allowed to access cardholders’ transaction-level data. However, in OneCard’s model, the fintech partner reportedly manages almost the entire customer lifecycle and operations - which may be the reason RBI is scrutinising this arrangement.
Here’s what you need to know:
1️⃣ Who are OneCard’s partner banks?
OneCard issues its co-branded credit cards through multiple banks, including:
• Federal Bank
• BOB Card
• CSB Bank
• Indian Bank
• South Indian Bank
• SBM Bank
All of these banks offer the OneCard Credit Card.
2️⃣ What is RBI checking?
According to Economic Times, the RBI wants clarity on how customer data is being shared under this fintech–bank partnership model.
The regulator wants to ensure:
✔ Compliance with data sharing norms (RBI guidelines for co-branded cards)
✔ No unauthorized data access
✔ Proper governance between partner banks & OneCard
Only after this evaluation will new issuance be allowed again.
3️⃣ What does this mean for users?
• Existing OneCard customers are NOT impacted.
• Only new applications are temporarily paused.
• Partner banks may resume issuance once RBI is satisfied with the data-sharing framework.
4️⃣ Why this matters
RBI has been tightening oversight on:
• Fintech–bank partnerships
• Data privacy
• Outsourcing arrangements
• Co-branded credit card governance
This step aligns with RBI’s broader push for consumer protection & transparency.
Last edited:
