OneCard stops issuing new credit cards as RBI seeks clarifications from partner banks

FPL Technologies, which offers cobranded credit cards under the OneCard brand, is facing a significant business setback after the Reserve Bank of India (RBI) asked all its partner banks to halt the issuance of new cards, according to three people aware of the development.

“The central bank has issued letters to all banking partners of FPL Technologies asking them to stop issuing cards with OneCard until certain issues raised by the regulator are addressed,” one of the people told ET.

According to the sources, the RBI wants clarity on the…