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OneCard stops issuing new credit cards as RBI seeks clarifications from partner banks
FPL Technologies, which offers cobranded credit cards under the OneCard brand, is facing a significant business setback after the Reserve Bank of India (RBI) asked all its partner banks to halt the issuance of new cards, according to three people aware of the development.
“The central bank has issued letters to all banking partners of FPL Technologies asking them to stop issuing cards with OneCard until certain issues raised by the regulator are addressed,” one of the people told ET.
According to the sources, the RBI wants clarity on the data-sharing norms followed in these partnerships before allowing issuance to resume. OneCard's partner banks include BOB Cards, SBM India, Federal Bank, CSB Bank, South Indian Bank and Indian Bank. The cards are issued by these lenders, while customer acquisition and management are handled by FPL Technologies.
Email queries to OneCard and the RBI went unanswered till press time Friday.
The development comes against the backdrop of the central bank's tightening of regulations governing co-branded credit card arrangements.
In March 2024, Federal Bank and South Indian Bank informed stock exchanges that they had been directed by the RBI to pause their co-branded credit card programmes. Several arrangements across the sector were subsequently reworked to comply with revised norms.
ET reported on March 18, 2025, that fintech startup Scapia resumed issuing co-branded cards with Federal Bank after the RBI approved its revised partnership framework.
“The RBI seems to have some inhibitions with the partnership arrangements between OneCard and its partner lenders,” the second person cited above said.
FPL Technologies, founded in 2019 by former ICICI Bank executives Anurag Sinha, Vibhav Hathi and Rupesh Kumar, last raised $25.5 million in December from QED Investors, Peak XV Partners and Z47 (formerly Matrix Partners India) at a flat valuation. The company was valued at $1.3 billion in 2022 when Temasek invested.
Co-branded credit cards have proliferated over the past few years through partnerships involving Swiggy, Amazon, Flipkart and other consumer internet companies. But on March 7, 2024, the RBI issued stricter guidelines to curb back-door entry of fintechs into the regulated credit card ecosystem, especially around data sharing and operational control.
“There is a sense in the industry that all the partner banks will have to arrive at a common arrangement with FPL before issuance can resume,” said the founder of another fintech firm operating in the same space.
Source: EconomicTimes
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