The Reserve Bank of India (RBI) has issued notices to Federal Bank and South Indian Bank, directing them to halt the issuance of new co-branded credit cards. The two banks informed the stock exchanges about this development. Compliance with Regulatory Guidelines South Indian Bank stated that the regulatory action is in line with the norms issued by the RBI on March 7th. The bank will not on-board any fresh customers under co-branded credit cards until it achieves full compliance with the regulatory guidelines. Existing Offerings and Services Both Federal Bank and South Indian Bank have assured that they will continue to offer credit cards to new and existing customers in the…
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