Federal bank stops issuing co-branded cards

[zaid_2913]

RBI directs Federal Bank to stop issuing co-branded credit cards.​

Federal Bank: Federal Bank, South Indian Bank stop new co-branded card issuance - The Economic Times

Federal Bank has three co-branded credit cards with partnerships with OneCard Scapia Technology Pvt. Ltd and FI Brand Pvt Ltd, targeting mostly the new generation customers. The bank on Wednesday said it is in the process of rectifying the areas that are deficient and will seek regulatory...

m.economictimes.com

 

[SSV]

RBI directs Federal Bank to stop issuing co-branded credit cards.​

Federal Bank: Federal Bank, South Indian Bank stop new co-branded card issuance - The Economic Times

Federal Bank has three co-branded credit cards with partnerships with OneCard Scapia Technology Pvt. Ltd and FI Brand Pvt Ltd, targeting mostly the new generation customers. The bank on Wednesday said it is in the process of rectifying the areas that are deficient and will seek regulatory...

m.economictimes.com

Very interesting…
However , look at the below marked one .. is this true? I thought we can have only one Federal card…

 

[zaid_2913]

Yes, they will continue issuing non co branded cards(core fed cards) to new customers, 1 card policy still in place.

 

[krishc]

probably a result of the absolute horror stunt they put up regarding Scapia credit limits (less probable would be kyc or something issue with Jupiter)

some benevolent customer did the royal "bamboo" to Federal 👻

 

[SSV]

Yes, they will continue issuing non co branded cards(core fed cards) to new customers, 1 card policy still in place.

Offering new card to the existing customers won’t mean that

 

[zaid_2913]

Offering new card to the existing customers won’t mean that

I read in some other article as below,

“They will continue to offer services for existing co branded customers and onboarding will be for core cards only”

 

[Zacobite]

Very interesting…
However , look at the below marked one .. is this true? I thought we can have only one Federal card…

View attachment 45817

woah.. the news keeps flowing.. banks, fintech, nbfc, others... RBI is BOSS.. WELL DONE.. we will never know what catastrophe RBI is averting with these affirmative actions.. super proud!! They know something we don't.. so just need to trust them!!

 

[RAMESH BABU N]

We are seeing a spate of good decisions by IT Dept and RBI.

I am very happy. Erring banks n other players being pulled up.

We are certainly in safe hands of good Controllers.

 

[chandra.prakash]

I think In Coming days, cobranded card season will go away

 

[plastikman]

woah.. the news keeps flowing.. banks, fintech, nbfc, others... RBI is BOSS.. WELL DONE.. we will never know what catastrophe RBI is averting with these affirmative actions.. super proud!! They know something we don't.. so just need to trust them!!

In my childhood (early 90s), I have seen my Grandfather write several letters to SBI and Indian Overseas Bank to counteract charges and regarding delay in credit of pension. In those days, letters used to be sent via postcards.

I remember him writing and threatening the bank to escalate the matter to the Banking Ombudsman if the matter was not resolved satisfactorily. I remembered the word "ombudsman" as it was a typical word which I didn't recognise the meaning of and has asked him about it.

This concept of Ombudsman is very long standing, only in the present days the consumers are more aware of their rights and know about the RBIO.

 

[BigdeBigde is verified member.]

It's a good news for those who are craving for Scapia card but can't apply for the same because of Federal Bank's one card policy. Now Scapia would be forced to look for alternative banking partners or shut the shops (highly unlikely). Let's see how soon they come up with a new banking partner.

 

[zaid_2913]

It's a good news for those who are craving for Scapia card but can't apply for the same because of Federal Bank's one card policy. Now Scapia would be forced to look for alternative banking partners or shut the shops (highly unlikely). Let's see how soon they come up with a new banking partner.

Fortunately or unfortunately, got scapia 3 days ago.

 

[smuff]

For South Indian bank too..