RBI asks Federal and South Indian Bank to stop issuing co-brand cards

[bonheur]

Huge blow to Scapia/OneCard/Fi and other fintechs.

Federal Bank, South Indian Bank stop new co-branded card issuance

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...

economictimes.indiatimes.com

 

[FinoGuy]

 

[Zacobite]

Huge blow to Scapia/OneCard/Fi and other fintechs.

Federal Bank, South Indian Bank stop new co-branded card issuance

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...

economictimes.indiatimes.com

jhakaas.... saare ghar ko saaf kar dunga... RBI

 

[cardy]

Sabashhhh..... Yeh kya scapia ka limit reduction ka badla hai

 

[BUDHRAJ]

finally some good news, now scapia will partner with new bank 😀

 

[bonheur]

finally some good news, now scapia will partner with new bank 😀

Why would any new bank partner with them and also invite RBI’s wrath? This is a far serious blow to their core business models and it’s possible they may never recover.

 

[Yugi]

I guess the Fintech will have to fix the issue and clearly mention that they are offering a co-branded credit card, like how normal banks do and they will be back in business.

 

[Zacobite]

I guess the Fintech will have to fix the issue and clearly mention that they are offering a co-branded credit card, like how normal banks do and they will be back in business.

RBI has a problem with financial data being shared by the banks with the brand partners..

 

[sjmajumder]

Huge blow to Scapia/OneCard/Fi and other fintechs.

Federal Bank, South Indian Bank stop new co-branded card issuance

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...

economictimes.indiatimes.com

And I cancelled One Card to apply for Scapia...still waiting for cool down period to get over 🙁

 

[cardy]

And I cancelled One Card to apply for Scapia...still waiting for cool down period to get over 🙁

Go for core LTF cards
Scapia to gya

 

[hedgehog2122]

Will they increase limits for existing cardholders of scapia, which was reduced drastically recently.

 

[sjmajumder]

Go for core LTF cards
Scapia to gya

Yeah, just checked for Celesta...still showing "You are currently using Federal Bank CC"

 

[cardy]

Will they increase limits for existing cardholders of scapia, which was reduced drastically recently.

No chance in nearing future

 

[sjmajumder]

Will they increase limits for existing cardholders of scapia, which was reduced drastically recently.

Very unlikely ...

 

[Zacobite]

Go for core LTF cards
Scapia to gya

agree... co branded cards are passe.. Vistara ones were great but have become redundant with the devals.. core cards rule

 

[AZ7]

Once federal bank complies with data sharing regulations of RBI, they can start giving cards again. Scapia was also in talks with South India Bank on issuing cards through them. Both their banking partners have been hit by this regulation

 

[punrziq]

And I cancelled One Card to apply for Scapia...still waiting for cool down period to get over 🙁

I closed one card last year April, still not able to apply.

 

[MusicalMind]

According to RBI, it's ok to have Neo banks like Fi parterened with Federal Bank shares data with Fi but can't have co- branded cc that shares data with third party

 

[Saiv]

I closed one card last year April, still not able to apply.

Once Closed that’s it you’re not allowed to apply Again Weird One Card Policy

 

[bonheur]

Once Closed that’s it you’re not allowed to apply Again Weird One Card Policy

They just take their brand name quite seriously.