Fintech start-up Slice has informed consumers that it would temporarily halt card operations next month while it switches to a new system in order to comply with the RBI’s new guidelines on digital lending.
“Due to recent RBI guidelines, Slice card can’t be used for credit transactions from November end… We will temporarily block your card during November. We will notify you in advance in the Slice app when we upgrade you to the all-new experience before November end,” it said in a mail to its customers.
On August 10, RBI unveiled new guidelines for third-party platforms like prepaid payment instruments (PPIs), including wallets and cards, that offer credit products. It set November 30 as deadline for the platforms to comply with the new guidelines.
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