India’s fintech-based credit card platform OneCard may soon start issuing new cards again, as the Reserve Bank of India (RBI) has appointed an independent firm to review its systems. This comes after a pause in December 2025, when the RBI asked all partner banks of OneCard’s parent company, FPL Technologies, to stop issuing new co-branded credit cards.
The pause affected several banks, including Federal Bank, Bank of Baroda, CSB Bank, Indian Bank, South Indian Bank, and SBM Bank India.
Read More: Fractal CEO Srikanth Velamakanni heads NASSCOM
Why RBI Stopped New Cards
The RBI took this step because of concerns about how customer data was being handled in co-branded credit card partnerships. According to its March 2024 rules, banks must have full control over customer data. Fintech companies can only access limited data and that too with customer permission.
In OneCard’s setup, FPL Technologies handles customer onboarding and runs the mobile app. This raised concerns that the fintech might have indirect access to customer data. The RBI also pointed out possible gaps in KYC checks, customer verification, and overall system control.
However, there has been no data breach or misuse reported. The RBI’s action is mainly to make sure all rules are properly followed.
What It Means for Customers
If you already have a OneCard, there is no problem. You can continue using your card for payments, EMIs, and rewards as usual. Only some services like credit limit increase may take more time.
For new users, things are different. If your card was not issued before the pause, your application is likely on hold or may be rejected. New joining benefits are also temporarily stopped.
Audit in Progress, Restart Likely
The RBI has now started a detailed audit to check OneCard’s systems and data practices. The main focus is to see if the company can update its technology so that customer data stays fully secure and under bank control. Experts believe this process may take around three to six months. A similar case in the past was resolved after changes were made, so OneCard is expected to follow the same path.
Even with this pause, OneCard has shown strong growth. It reported higher revenue in FY25 and reduced its losses. To manage the situation, it also raised ₹40 crore from Alteria Capital. If everything goes as planned, OneCard could soon return to issuing new credit cards.