Banks that issue business credit cards will have to monitor the end use of funds on account of those, the Reserve Bank of India (RBI) has mandated while amending its master directions for credit and debit cards.
"Card-issuers may issue business credit cards to business entities/individuals for business expenses... The card issuers shall put in place an effective mechanism to monitor end use of funds," the amended provision of the master direction said.
Business credit cards may be issued as charge cards and corporate credit cards, or by linking a credit facility such as overdraft/cash credit provided for business purposes in accordance with the terms and conditions stipulated for the facility concerned, the RBI clarified.
The move comes after the banking regulator last month ordered restraining commercial transactions routed through intermediaries by a card network. The RBI added the card network had an arrangement that enabled businesses to make card payments through certain intermediaries to entities that did not accept card payments.
The RBI did not name the card network.
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