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    Question

    What is the minimum net owned fund requirement from NBFC

    to be eligible to issue credit cards?
    A 50 crores Correct Answer Incorrect Answer
    B 100 crores Correct Answer Incorrect Answer
    C 2 crores Correct Answer Incorrect Answer
    D 200 crores Correct Answer Incorrect Answer
    E None of the above Correct Answer Incorrect Answer

    Solution

    Scheduled Commercial Banks (SCBs) other than Regional Rural Banks (RRBs) with net worth of ₹100 crore and above are permitted to undertake credit card business either independently or in tie-up arrangement with other card issuing banks/NBFCs with the approval of their Boards. SCBs (excluding Small Finance Banks and Regional Rural Banks) desirous of setting up separate subsidiaries for undertaking credit card business shall require prior approval of the Reserve Bank.

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