RBI Revises Norms for ‘General Credit Card (GCC) Scheme’
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- By Chetan Kulasri
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- Last Updated on 27 April, 2023
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Circular No. RBI/2023-24/19 FIDD.MSME & NFS.BC.No.06/06.02.31/2023-24, Dated: 25.04.2023
The RBI has revised the norms for ‘General Credit Card (GCC) Scheme’. As per the revised norms, GCC Scheme shall be known as “General Credit Card (GCC) Facility”. These instructions apply to all banks that are eligible to issue credit cards.
Also, individuals or entities that are sanctioned working capital facilities for non-farm entrepreneurial activities eligible for classification under priority sector guidelines, may be issued GCC. These instructions shall be effective from 25.04.2023.
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