Regulatory Compliances

SBI Card adheres to  RBI guidelines for issuing and managing credit cards, requiring mandatory customer consent for activation within 30 days of issuance, following strict KYC norms, and implementing secured e-mandate processes for recurring transactions. Key compliance areas include fair banking practice, debt collection practices, strict data privacy, and a 30-day resolution limit for customer grievances.

Key Regulatory Compliance & Policies

• Activation & Consent: If a credit card is not activated within 30 days of issuance, SBI Card must seek one-time password (OTP) based consent. Failure to receive consent results in automatic, cost-free account closure within 7 working days.

Issuance & KYC: Cards are issued based on strict KYC, income assessment, and credit bureau report checks. Age criteria are generally 21–65 for salaried and 25–70 for self-employed individuals.

Unsolicited Cards: Issuing a card without written consent is prohibited. If this occurs, SBI must reverse charges and pay twice the value as compensation.

E-Mandate/Recurring Payments: Compliant with RBI, SBI Card does not approve unauthorized auto-debit transactions. All recurring payments must be registered and authenticated via OTP.

Fair Practice & Debt Collection: Representatives must operate between 08:00 and 19:00, maintain decorum, and honor customer requests regarding, contact times. False, misleading, or threatening behavior is strictly prohibited.

Grievance Redressal: If a complaint is not resolved within 30 days, customers can approach the RBI Ombudsman. Privacy & Data Protection: Personal information is collected, stored, and processed in accordance with privacy laws and user consent.