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FAQs with regards to RBI directive on restrictions on onboarding of new Debit Card and Credit Card customers on Mastercard network

 

For Debit Card Customers:

 

Q1. What does the Directive say?

The Reserve Bank of India (RBI) has barred Mastercard from on-boarding new debit, credit and prepaid card customers onto its platform from July 22, 2021. For more details, please refer to the RBI Press Release by accessing the link shared below.

RBI Press Release on Mastercard

 

Q2. Will this impact the existing Mastercard customers?

No. Existing Mastercard customers won’t be impacted. Customers can continue to use their Debit Cards across ATMs, E-commerce/Online websites, Point-of-Sale terminals in India and abroad.

 

Q3. Will Mastercard Debit Cards Be Valid in India and abroad?

Yes. This order will not impact existing customers of Mastercard. Customers can continue to use their Debit Cards across ATMs, E-commerce/Online websites, Point-of-Sale terminals in India and abroad.

 

Q4. Can a customer apply for new debit card?

Yes. Customers can continue to apply for new debit card. Bank has tie up with other network partners to process new card requests.

 

Q5. Can a customer apply for reissuance of debit card?

Yes. Customers can continue to apply for reissuance of debit card. There is no impact of the RBI Directive on this service.

 

Q6. How long this restriction would last?

The restrictions would continue to be in place till further guidance from RBI.

 

For any further queries with respect to this Directive, please reach us on 1800 1200 (Toll Free) (India) or +91 22 4935 0000 (From Outside India). You may also visit the nearest YES BANK branch where our branch staff will be happy to assist you. Alternatively, you may also write to us at yestouch@yesbank.in or SMS ‘HELP’ space <CUST ID> to +91 9552220020.

 

 

For Credit Card Customers:

 

Q1. I have recently submitted my Credit Card application to YES BANK, will I be getting the Credit Card?

Ans: All Credit Card applications (including Add-on cards) received at the Bank’s end till July 17, 2021 will be processed. Any application which is under process on a best effort basis will be decisioned by July 21, 2021.

Card approval will be subject to internal policies of the bank. If approved, card will be dispatched to the customer as per the bank’s usual process.

 

Q2. I wish to apply for an Add-on Card. Will I be issued a card?

Ans: Applications for new add-on cards is suspended till further guidance from RBI.

 

Q3. My Credit Card is due for renewal. Will I get renewed card?

Ans: Yes, your renewed Credit Card will be dispatched to the communication address as per our records.

 

Q4. I am already holding a YES BANK Credit Card. Will it stop working from July 22, 2021?

Ans: No, your YES BANK Credit Card will be fully functional even after July 22, 2021.

 

Q5. I have a Quick Loan/EMI running on my YES BANK Credit Card. What will happen to the Quick Loan/EMI after July 22, 2021?

Ans: There will not be any impact on your existing Quick Loan/EMI.

 

Q6. I have opted for Standing Instructions towards Utility Bill Payments on my YES BANK Credit Card. Will the bill payments stop after July 22, 2021?

Ans: No, there will not be any impact on your existing bill payments. You can also register for additional bill payments on your YES BANK Credit Card.

 

Q7. I wish to upgrade my YES BANK Credit Card to a higher product variant. Will I be able to get a new card after July 22, 2021?

Ans: Yes. You can reach out to our 24x7 Customers Service desk for your card upgrade. Card upgrades are subject to Bank’s internal policy.

 

Q8. I have lost my Credit Card/My card was stolen/damaged. I have blocked my old card and looking to apply/have applied for a new card. Will I receive the same?

Ans: Yes. Your reissued credit card will be dispatched to the communication address as per our records.

 

Q9. Our Corporate already has an existing YES BANK Corporate/Purchase Credit Card and we wish to apply for an additional card. Can we apply?

Ans: Cards will be issued for applications already received and approved at the Bank’s end till July 21, 2021. Currently we are not accepting any new applications and as soon as we start accepting new applications, we will communicate the same.

 

Q10. Is there any impact on our existing Corporate/Purchase Credit Card issued and will we be able to use our Credit Card even after July 22, 2021?

Ans: There is no impact on existing cards issued and your YES BANK Corporate/Purchase Credit Card will be fully functional.

 

For any further queries, please contact our 24x7 YES TOUCH Customer Care on the number mentioned at the back of your card or you may also write to us at yestouchcc@yesbank.in

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