We have been hearing a lot about PostPe, yes, the same company, which offers teh credit cards. The Postpe flex credit card is known for its rich features and benefits. However, of late, we have been hearing about the company not allowing any new subscribers. In other words, we see no registration is allowed for the new subscribers for the company. In the earlier days, the company used to give them the best while others were interested in carrying out the loans and other things using its Credit Card. However, the company has kept the distribution on hold.
Postpe Flex Credit Card on hold, what’s the matter?
Now, it dawned before everyone that the company has put the new subscription or rather registration on hold, it’s time now to check what transpired between different people in this matter. As per reports, it is the central bank of India popularly known as RBI which has posed the new digital lending norms that deals with the dispersal and repayments for the bank accounts for the customers and the lender bank or non-banking financial company. The fintech startup, which gained a good start in the market gaining better response was put under scanner for not complying with the said norms.
Is it temporary pause or permanent one?
As per RBI’s client notice, the company issued the credit cards in the market will now expire on 1st December 2022. To be honest, the company has been getting the showcase notices since the last few months starting from 19th August. However, nothing came to light from the same.. So, the central bank is going to stop the services from 1st December 2022 with the mandate coming from RBI to do so. However, experts feel that it will be a temporary and the services will continue the moment the Fintect Startup will comply the services.