Can NBFCs issue credit cards?

Yes, Non-Banking Financial Companies (NBFCs) can issue credit cards in India, but only after obtaining prior approval from the Reserve Bank of India (RBI). To be eligible, an NBFC must meet specific regulatory requirements:

• A minimum Net Owned Fund (NOF) of ₹100 crore is required.
• The NBFC must have a well-documented board-approved policy for card issuance.
• Approval is granted on a case-by-case basis depending on the entity’s financial strength.

NBFCs can also partner with banks to offer co-branded credit cards following RBI's master directions.