Just received this๐ฝ
Even though Bettr is a credit card they have blocked transactions citing RBI regulations even thoug their credit partener is SBM Bank.
@CarolinMerces 
this is what I was talking the day these guidlines were issued , whatever Technofino guy said isnโt at all true as usual he makes things up. This is for all non banking entities whether their partner be a bank or NBFC.
I appreciate the clarity, Mukesh. If RBI indeed is going after NBFCs regardless of their tie up with a regulated bank, then this sucks.
Roughs seas ahead for BNPL.
They say temporarily but I donโt think itโs temporary.
The RBI needs to clear the air surrounding this as this is affecting customers very much
Temp at least until we get more clarity from RBI. Shutting down all BNPL without a viable set of guidelines doesnโt make any sense.
We have BNPLs because old school banks couldnโt fill that need. Hopefully RBI will come out with a better set of rules n regs after consultations with all stakeholders (and not just the big banks).
I guess I better keep my secured OneCard credit wish on ice until then 
I guess the guidlines donโt affect FD backed OneCard as they are simply backed by FD and not any Credit line. So In my opinion you can still give it a shot.
Well, Iโll keep that in mind. Ima wait n watch for the next 15 days before I go for it 
I think @CarolinMerces was right.
I stand corrected.
The bettr card is a cobranded card issued in partnership with SBM bank and therefore they donโt fall under BNPL master direction from RBI.
The Bettr Card is shutting down temporarily for compliance with RBI Credit card Master direction that was issued in April 2022.
The BNPL- MD was issued in June 2022.
The RBI has changed few rules and regulations and Bettr is trying to comply with them.
I hope they come with new rules and T&c in this month itself.
IMPORTANT NOTICE_ Disruption in service of your SBM Bettr card.pdf (129.8 KB)
Well,
You actually donโt need to wait that long.
The OneCard is a credit card and not a BNPL Card and therefore they donโt fall under BNPL-MD issued in June 2022 and thus will continue operation as usual.
Do read the Pdf uploaded in this link๐
This, atleast clears the air surrounding the fuss, furore and confusion about issuance and operation of credit cards issued by non Banking companies in partnership with banks.
RBI:
Yeah, OneCard is unaffected. Basically, any card that you can pay (or โrechargeโ ig) from PayTM or CRED or similar will continue to work.
I hope they donโt come after neobanks next. At least not with senseless excuses
thereโs nothing senseless in these miscreant NBFCs getting punished
theyโve been taking things for granted for far too long and deserve to be strictly cautioned
