Following RBI’s digital lending norms, Uni suspends its card service
By MYBRANDBOOK
With the RBI (Reserve Bank of India) tightening scrutiny over digital lending, Uni Cards, the Accel-backed credit and payments fintech startup has temporarily suspended its active cards.
"With the recent RBI notification around digital lending, we have decided to proactively suspend card services on our products - the Uni Pay 1/3rd Card and the Uni Pay 1/2 Card. This process will begin in phases for our customers starting today and will be concluded by Monday, 22nd August 2022," Uni said in a statement on August 19.
Uni customers will continue to have access to their credit line through Uni Cash, it stated. Uni Cash is a product that transfers users' credit lines directly to their bank accounts. The company said that it is extending a zero-charge partial limit on Uni Cash till September 21 this year as many of its customers rely on its credit lines.
Uni has also sent a notification to customers.
"Bearing the fact in mind that the Uni Card is used for urgent needs like fee payments, medical bills, and emergencies, we have ensured that every one of our customers will have access to their credit line through Uni Cash," said Nitin Gupta, founder, and chief executive officer, Uni.
"With a free partial limit enabled, our customers will not face any disruptions while using their funds. We are building something really exciting," Gupta added.
Uni's move of inactivating its existing cards comes a day after its prepaid card partner, State Bank of Mauritius India, is looking to pause the onboarding of new customers until further clarity emerges on the Reserve Bank of India’s (RBI) views on the model. According to sources, SBM Bank India sent a communication to Slice, Uni, and PayU's LazyPay saying that it is pausing the onboarding of new customers after the RBI approved the first set of guidelines on digital lending on August 10.
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