Hereโs the sauce:
But would this impact Jupiter Edge? 
Yeah it does unfortunately๐ข
RBI Says this๐ฝ
And does this๐ฝ
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Id say itโs sorta unfair that they canโt get their ducks in a row. Neobanks is the next frontier, and it needs to be nurtured. Regulations are great, but needs to be done in moderation, and not as efforts to stifle it.
Hope they are seeing this one through. Neobanks do need to grow.
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Had really started liking Lazypay, Jupiter and now this. I donโt know if @Jiten, @Shawnpinto, or Jupiter legal team is aware of this.
The regulations were issued yesterday evening.
@nateavi It says Credit line,so I understand Slice and Lazypay Use credit line ,even Jupiter edge too but how come Jupiter and Fi falls into this category
Btw I am trying to upload a screenshot on this website and it doesnโt load,can you check if this is a sitewide issue or itโs just me.
Hereโs the screenshot
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Since when does FI have a credit line?
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We are aware of this. So for now, Jupiter Edge BNPL product goes for hold until we obtain regulatory clarity on same. In fact, this impacts all BNPL apps including Lazypay, Slice, Uni. Anybody operating post this guidelines would be in breach.
Jupiter app is outside of purview of this regulation. It is a structured partnership on deposit account with partner bank Federal. No credit risk is taken by Federal or Jupiter there.
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But would this impact any future credit line products from Jupiter app (not edge) tho?
@nateavi First Bullet had some regulatory issues and now this with Jupiter Edge. Why is RBI restricting the Fintechs which will become much more predominant than traditional banks in coming years.
@Jiten I hope it doesnโt take as much time as it did for Bullet.
BTW Freopay too is a paylater plateforms, but the newspaper doensโt mentions its name. Is it because they arenโt as popular as Jupiter or do they have a different model?
Also I have another question
I did an FD in Lazypay for credit limit increase and thatโs not counted as a Credit line so I can still continue using that ,right?
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No clue whatโs going on with RBI. Probably is due to the incessant lobbying by traditional banks to stifle neobanksโ growth. Just a guesstimate, and I maybe wrong there.
Meanwhile,
I hope credit cards based on FD are encouraged a lot more. India is a very savings conscious country. This would help.
Im considering opting for paisabazaarโs secured credit card.
You have ONECARD already I guess.
If no go for this one instead of Paisabazar Smart Card or maybe wait for INDmoney Supersaver FD backed Credit card.
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You should provides us a limit from bank like IDFC BANK btw Thanks RBI
Even if they do , I am afraid this regulation would still apply.
No banks are not affected As i think
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Isnโt one card reliant on credit scores?
I understand that IDFC is a bank as well as a lender however Jupiter being a non banking entity puts it into the peril of this regulation.
This is for the entities that have prepaid instruments.
I think the credit card ones backed by Bank Credit line or Loan would work just fine.
Open to suggestions and corrections @Shawnpinto @Jiten @nateavi @CarolinMerces
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I think the Techno guy is making stuff up as he goes.
This diktat by the banking regulator is being seen as an effort to clampdown on card fintech and firms operating as neo-banks who have tied up with banks to offer credit lines.
RBI is cool with neobanks using credit cards, but they canโt offer any credit lines (be it BNPL or physical/virtual cards). Itโs lame, and totally uncool.
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Exactly
Techno guy holds a Amex US and Amex India card so i think he knows
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